Stretch Your Dollar: 3 ways to managing financial stress

Stretch Your Dollar

From jobs lost to businesses shut down, the pandemic is causing financial stress for a lot of people. We are stretching your dollar this morning with three easy ways to start managing it.

Bankrate.com says to start with what you can control. For example, look for ways to trim your food budget. You’ll not only save money, but the control of the situation may reduce your stress.

Next – identify your essential bills and eliminate the others. Think through what you pay for each month. Look for recurring payments that you can put an end to, whether it’s a streaming service you barely use, magazine subscription you no longer need or special apps on your phone that you’re not using.

And number three – talk to your lenders – especially in the pandemic you may find banks are willing to help you find a short-term solution. Many have announced temporary repayment freezes or non-reporting to credit bureaus of missed payments if requested by customers.

And be sure to track your progress so you know where you stand. It can lift your mood when you see yourself making gains toward your goals. The bottom line is to look for small changes you can be in control of.

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