As coronavirus aka COVID-19 spreads around the globe, many individuals, families, and businesses are struggling to figure out our new world in all the chaos.
Many of us are likely experiencing financial stress. What exactly is financial stress? It's the gap between the unknown and reality smacking us in the face.
While there are many uncertainties remaining, there are steps we can take to lessen the stress of the current unknowns.
Regardless of your current employment situation, review the following three scenarios for your family’s financial situation to determine your financial fuel. Financial fuel is the amount of money you have leftover after paying your expenses/spending.
Make a list of your expenses and consider the following impact to your budget based on the following changes to your pay.
For example, if you and your partner took home $3,500 per month in income, but your expenses were also $3,500, this is what your pay changes may look like based on the three scenarios:
Keep in mind for every 1 bad month we have financially it takes about 3 months of financial recovery time.
If you have lost your job, are worried your position or industry is not stable, or if you do not have an emergency fund, there are steps you can take to fill the gap.
4 Ways to Fill Gap
