Relaxed
Monthly Budget Plan

Ten Things You Can Do To Survive the Financial Impact of the Coronavirus Pandemic

“How am I going to get through this?” The global health crisis has also become a global financial crisis. We want to help keep it from becoming a personal financial crisis for you. Here are ten things that you can do to stay financially healthy and afloat in the difficult weeks ahead:

Essentials include shelter, food, utilities, insurance, and limited transportation.  Within essentials, keep your spending to a bare minimum.  Everything else should be fair game to reduce or eliminate. Avoid panic spending, hoarding, or shopping to relieve stress.

Build or add to your emergency fund.  If you don’t have an emergency fund, start one. Even if it’s $10, then build from there. How much?  Expect to be without income for 3 months.  That’s how much you want to pile up if you can, meaning put in the bank or a money market fund.  Not in the stock market.

This frees up cash and increases the control you have over your situation.  Take entertainment expenses down to a minimum. Music and video subscription services, magazines, gyms, etc. These are easy to restart when your personal economy stabilizes.

There is a LOT going on here, with many lenders/creditors voluntarily or by requirement suspending, deferring, or reducing payments. Federally-funded student loans, mortgage foreclosures, utilities, etc. Look at every single bill that you pay and find out if you HAVE to pay it in full and on time.

This includes stopping retirement contributions (if applicable) for now, increasing your take-home pay.

Sell things you don’t need.  Take an extra job.  There are industries needing help and hiring in large numbers (food delivery, warehouse fulfillment, lawn care, etc.). If you can’t work extra at your job, think creatively about how you can bring in some extra money.  But this is not spending money.  This is only for essentials and your emergency fund.

Start with expenses. List everything. Use last month’s bank and credit card statements – including payment services like Venmo, PayPal, etc.  Cross out everything that was not essential. Now re-write it, with only the essential expenses. Is there anything else that can be eliminated or reduced? If you are like 90% of our clients you can find more to cut this second time through. Then write it out again. This is your “survival” expense budget. Now identify your expected monthly income for next month — is it more than survival expenses?  Good.  You have a surplus that can be your safety net.  Put that surplus into your emergency fund.  

Or, when you subtract income from expense, do you get a negative number?  That means you need to either cut expenses further, or increase your income.  If there simply is no where to cut or add income, then you need to draw on savings if you have it to make up the gap.  And that’s ok, that’s what it’s there for.

Be careful with this.  Treat it as if it’s your last stash of money on earth.  It will make you think twice before using it.  But once you’ve decided it is absolutely necessary, do it.  And then replenish, bit by bit, using your budget, as soon as you possibly can.

Unless needed to avoid foreclosure or bankruptcy, just don’t do it. This is nearly always a bad idea.

Don’t try to go it alone. There are so many sources of tangible assistance and moral support. Use them without hesitation and without shame. For example, you would be surprised at how many lenders and service providers will work with you to stay connected and solvent. TALK with them. Almost without exception, people are happy to help if they can.

If you need further help, give us a call at (312) 286-8258 between 9 a.m. and 6 p.m. EDT or email us at budgets.richerthanyouthink@gmail.com . We will try to help you get information and make decisions that will allow you to stay on your feet until things get better. We are not charging for this service through the end of April 2020.

What Our Customers Have to Say

“As a musician, my finances have been a constant source of worry in my life. As soon as I received a paycheck, it seemed that everything was spoken for, and my money was gone as soon as it came. My student loans and credit card debt have loomed large for years on end. I have consistently suffered from frequent overdrafts and fees. Finally, I decided to ask for professional help.”

“Purchasing the “Richer Than You Think” consultation and budget system has been the smartest thing I have ever done! The system provides step-by-step guidance for handling my finances and saving money.”

“Kathy created a spending plan tailored to my needs while guaranteeing a secure financial future.  I am learning how to budget for the first time in my life, and am no longer broke and stressed every 2 weeks.”

“The weekly consultations hold me accountable to my budget and are helpful in determining future goals. This is a foolproof system for saving money. It is a skill that everyone should possess, especially in today’s economy.”

“My experience is extremely positive.  This was life changing for me.  It is a huge confidence booster.  And it has taken a lot of stress away.”

“My ah-ha moment was that it defined specific amounts for living expenses each month, even for my fun things like shopping and eating out.”

“The Pre-committed fund took away a lot of stress because I know periodic expenses are covered and won’t throw my budget into a tailspin when they come due.”

“Having dedicated savings accounts with specific goals was motivating and took away temptations to dip into savings for frivolous purchases.”

“The weekly cash flow system, and the ability to see my checking account balances months in advance changed my life!”

“Thanks in a large part to you, we are in much better financial condition! We have paid off all credit card debt. Also we have paid off a federal student loan. And we have a month’s buffer in our checking! It brings us great peace of mind to know that we have enough money right now to pay for everything we need (and more) for this month.We appreciate all the knowledge, time, and support you gave us!”

Richer Than You Think

It’s tough to enjoy life when you’re constantly stressed about money. Overdue bills, unexpected expenses, things you really want to have or do but can’t afford. We can help. We have a PROVEN approach that helps you get control of your money, pay off debts, build a cash safety net, and generate a surplus that you can use to live the life you want.

Richer Than You Think LLC (RTYT) is a nationwide personal budgeting and cash management service. We help people create and maintain successful budgets, build financial health, and learn how to plan and reach financial goals using their current income. Our services are provided remotely and so are unrestricted by location. We provide you with practical support and tools, as well as aspirational encouragement and validation as you make progress.

AADMM
Financial Therapy Association

Individuals

BUDGET expresses obligations and goals in dollars
CASH PLAN tells what to spend when, ensuring money always available when needed
COACHING reinforces progress, facilitates adaptation to changing circumstances

Small Business

BUSINESS PLAN either already exists and is / must be documented, or must be created
BUDGET expresses business plan in dollars
CASH PLAN supports critical cash flow management, day-to-day financial health of business
COACHING helps solidify progress, identifies risks, opportunities and appropriate shifts in strategy and execution

What We Can Do For You

  • Bill payment

  • Personal budgeting

  • Debt reduction

  • Daily Money management