Basic money management during times of crisis

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Basic money management during times of crisis

Categories: Blog

The following has been put together by our Women’s Economic Advancement team for participants in our Basic Money Management program. It also can be helpful for anyone who is low to moderate income. (updated March 27, 2020)

Please note that financial information is constantly changing and doesn’t replace any financial advice that best serves your specific circumstances and needs.

During this time of economic hardship, there are two key elements you need to consider:

  • Careful financial decisions are really important.  Get informed as well as you can and make your decisions accordingly.
  • Adjust your financial plan, and if you don’t have one create one. Prioritize the most important financial goals for you and family right now and work on them.

If you don’t know where to start with the planning, download this one page financial guide and a budget that can help you to put enter numbers and decide what to do with your limited income or your expected income. The guide covers the following points:

  1. First evaluate your financial situation: See how much money you have available right now. You need to allocate this income efficiently in your plan expenses.
  2. Create a budget and try to be careful with how you allocate your income: Spend only in the most important and basic expenses. For example: food, housing, medication and transportation. ( for some of these basic expenses there may be some forms of relief. (See the links below)
  3. Organize your documents: This step will help you to speed up the process for getting any government, nonprofit and private financial help. Start planning to apply for any kind of help that applies to your specific situation.

Here are some links that will be help: