What to cut out of your budget during a pandemic
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Whether you’re one of the 25 million people world-wide estimated to lose their job from the economic fallout from the COVID-19 pandemic or you’re at home worried that you might be next, re-evaluating your finances is essential. “Everyone should be thinking about their budget during a pandemic,” says Leslie H. Tayne.
“Regardless of your employment status, your expenses have likely changed in some way during this time.” Depending on your situation, that could mean figuring out how to support a family on unemployment or shaving back discretionary spending to create more of a financial cushion during this time of crisis.
“People who have already lost income are scrambling to get through this crisis, while people who haven’t yet lost income are justifiably worried that they might in the future, says personal finance expert, Kimberly Palmer. “Which means it’s a good time to cut back on any unnecessary expenses and go into recession-prepping mode.” Here’s what the financial experts suggest you cut out of your budget during a pandemic.