Together we face an unexpected time which can seem unclear and may cause us to rethink or question what we know, especially the way we handle our finances. The world tends to think that money can meet all of our needs. They utilize clever marketing so we keep spending and believing that money can fulfill all of our desires. In reality, truth reminds us that wisdom and money can get you almost anything, but only wisdom can save your life (Ecclesiastes 7:12). Scripture recognizes that money is necessary for survival but warns us against the love for money. God calls us to be content with what He has blessed us with.
Hebrews 13:5 states, “Don’t love money; be satisfied with what you have. For God has said, ‘I will never fail you. I will never abandon you.’”
God reminds us in this passage that He is always with us each step of the way. He is like the wind. We cannot physically see the wind, but we can feel the presence of the wind and how it moves around us just like God does in our own lives. As we face Covid-19, we might find ourselves with more time and less income on our hands than what we are used to.
1 Thessalonians 5:18 tells us, “Be thankful in all circumstances, take time to reflect on the good things in your life that God has provided.” The question is, how do we stretch our budget during this time and maximize our resources?
Tips to Stretching Your Budget
1. Budget/Plan
Take a moment to write out a monthly budget. Place all of your bills/expenses on the left-hand side of the page, and on the right-hand side, write your household income. This allows a clear view of where your money is going each month. You can also use a monthly budget app for this task.
2. Recurring payments
Examine if these payments are still necessary today. It is so easy to overlook recurring payments that we might think were canceled.
3. Grocery Shopping
Take the time to make a list. Use digital and physical coupons. Anytime you do not have a coupon, consider a similar sale item. You will be surprised by how much you can save.
4. Are your cell phone and cable bills hogging your finances?
Today we are using more wifi and streaming options than ever before. Check your cell phone provider to review new plans that are easier on the budget. Great TV alternatives that are budget-friendly are programs like Hulu TV, YouTube, AT&T TV and PlayStation TV. See what fits best with your household.
5. Mortgage
If you are experiencing a decreased budget due to Covid-19 check with your mortgage company for forbearance options. They have skilled representatives to help you choose which is the right option for your household. Sign into their website for all of the details.
6. Auto Loan or Lease
Contact your loan or leasing company for a deferment option on the vehicle loan. Sign into their website for easier deferment application process.
What other tips have you found to be helpful in stretching your budget? Share in the comments!