The Austin Money Coach at Capital Budget Strategies, LLC, in Austin, Texas hopes you and your family stay safe during the Coronavirus Pandemic. Your health and the health of your family are paramount.
Unfortunately, due to slowdowns and layoffs, some families may begin to feel financially squeezed. If so, now is the time to update your family financial plan.
Lowering Monthly Expenses: Your monthly expenses are either “nondiscretionary” (i.e., mandatory and need to be paid) or “discretionary” (i.e., optional expenses you should consider temporarily cancelling).
Mandatory Expenses: Please continue to pay certain expenses, including: Rent/mortgage, credit card debt (minimum payments, if need be), food, student loans, car loan, utilities and medical care. If you do need to cut back, it is very important that you notify the credit holder in writing and explain your situation.
Optional Expenses: Consider canceling payments for music and video streaming services, on-line news subscriptions, wine club, take-out meals, personal trainers and cable TV. As gyms close, make sure you are not still paying membership fees.
Federal Student Loans: Consider contacting your loan servicer for a deferment, if you qualify.
We will get through this crisis. The key is act as financially prudent as your situation allows. The Austin Financial Coach at Capital Budget Strategies, LLC, wishes you luck and hope you stay safe!
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