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Episode 2628:
Kumiko from TheBudgetMom.com offers practical guidance for those struggling financially during the Coronavirus pandemic. Her actionable advice includes creating a bare bones budget, consolidating debts, and negotiating with creditors to navigate through these challenging times effectively.
Read along with the original article(s) here: https://www.thebudgetmom.com/what-to-do-if-you-cant-afford-to-pay-your-bills/
Quotes to ponder:
"Tracking your spending is a critical step to managing your finances at any time, especially when money is tight."
Episode references:
Gabi: https://www.gabi.com/
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[00:00:00] Have you ever noticed how a calm mind can really set the stage for a good night's sleep?
[00:00:05] That's the idea behind our new podcast, Good Sleep. Greg, our host from Optimal Relationships Daily,
[00:00:11] is here to help ease you into a peaceful night's rest with some positive affirmations.
[00:00:17] And these affirmations aren't just comforting. They can help ease anxiety and nurture positive
[00:00:22] thoughts, setting you up for true good sleep. So press play on Good Sleep tonight, If you're worried about how you'll keep up with all of your financial obligations right now, you're not alone. A recent survey by US News and World Report found that almost 60% of Americans have financial concerns thanks to the coronavirus pandemic. The good news is that you do have options if a job loss or income reduction is making
[00:01:40] it hard to keep up with your bills.
[00:01:42] There are steps you can take right now to give yourself more control over your financial
[00:01:46] situation. an app that can help lower your grocery bills. Remember, it's also okay to adjust your financial goals right now if you need to. It might not be possible to save or pay down debt as quickly as you were a few months ago. When you put yourself on a bare-bones budget and only spend money on the essentials, every dollar you save can be added into an emergency fund.
[00:03:00] Consolidate your debts.
[00:03:03] One smart way to lower your expenses is amount of interest you pay on your debts. Again, if you have good credit, you'll be more likely to qualify for this type of financing and to be eligible at a better rate. When you combine multiple high interest debts like credit cards into a new personal loan with a lower interest rate,
[00:04:21] you could save a considerable amount of money over the, and Experian. It's also a good idea to keep an eye on your credit reports to make sure your lenders and
[00:05:42] creditors don't accidentally report you as late. Let's listen to the post titled What to Do If You Can't Afford to Pay Your Bills by Camico of thebudgetmom.com and I'll be right back with my commentary. Have you been using Mint to manage your finances? First, the bad news, Mint is shutting down. And now, good news. There's a better alternative. Our sponsor, Monarch Money.
[00:07:01] Mint users are turning to Monarch Money and loving it.
[00:07:04] Maybe you're saving for a down payment.
[00:07:06] A wedding?
[00:07:07] A dream vacation?
[00:07:08] Your kids' college? for your extended 30-day free trial. I thought this article had some good ideas on how to approach financials when times are tight. I like the advice for creating a bare-bones budget and the reminder to closely track expenses. I know many people don't enjoy tracking expenses, but I personally find it comforting.
[00:08:22] Seeing that I can not only develop a budget, but also engage with it and stick to it builds