How To Get Smart With Your Money Habits During Quarantine

Want to know the best budgeting tip during the pandemic?…

Delete your Amazon app, girl!

But seriously, how can you maximize your time at home, making sure that when we return to normal (or the new normal) that you’re better off financially?

I don’t know about you, but my biggest expense is food. When we went on lockdown, I went through my pantry to use up what we already had. Once I used up tons of random things in my fridge, only then I went on my Costco run. I had seen tons of people buying things just to stock up on something — things they would never eat under normal circumstances. #HelloRamenNoodles #TotalWasteOfMoney

Have you ever thought about couponing?

 I follow a gal on Instagram, @krysthemaximizer, who is the queen of couponing. I mean, I’ve never actually clipped coupons before (is that still a thing?) but with all of my new found free time, I think it’s time I dove into that game. This gal is saving some serious cash every time she hits the stores. She will tell you how to coupon, where to find them, and what stores to go to. This one’s on my checklist…

Now is also the time to Kondo your balance sheet! Marie Kondo is the guru behind KonMari and has shown the world how amazing your life will be if you clean out the clutter. Whether it’s how you fold your shirts, put things back where they belong, or purge of things that don’t bring you joy. Sis, you need to do this to your expenses.  

What are you paying for that doesn’t bring you joy? Take a look at your bank statements and identify those bills that absolutely drain you.  How can you get rid of them? Cancel that subscription? Pay extra on that monthly credit card bill? Let’s be real…you’re probably not going out like you used to, so let’s recycle that money into paying off debt or creating that emergency fund that I told you about. So, in KonMari style, let’s work on your balance sheet and create that “life changing magic” saying she’s coined.

Want that financial life changing magic?  I got you covered! Sign up for our upcoming financial workbook for family and business. Get your Sh!T straight once and for all. 

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Another great budget tip is to finally defeat Parkinson’s Law once and for all.  What is Parkinson’s Law, you might be wondering? The true definition is the adage that “work expands so as to fill the time available for its completion.” It’s commonly used in the project management world. The best example I have is, let’s say we give John a project to print those dang TPS Reports and I need them by 4pm.  I give Judy the same project, but say I need them in an hour. According to PL, Judy will get the TPS Reports printed in the hour allotted, where John will complete the project too, but more than likely it will take him until 4pm.  

In the financial world, our definition is a little simpler. It is that “expenses rise to meet income.” What’s so sad is this has become the way of our world. Ideally, the next time you receive a bonus, or a raise, or any found money, it should not be absorbed into our budgets. It should be sent straight to savings. Yes, yes, I can hear you arguing with me now.  (*Whining) “But, Connor, I’ve been waiting for that bonus to buy a new car.”  Or, (still whining), “Connor, I’ve been waiting to treat myself to that new designer pocketbook.” I get it, Cheryl…I’m the same, but I’ve also had to defeat Parkinson’s Law. I decided to put myself before Louis, Coco, Christian, etc.  

If you’re ok financially, but received a stimulus check? Put that in the bank, sis! Get that 6 months of expenses emergency account buttoned up. You’ll thank me later.

Like I mentioned above, delete those shopping apps immediately! We’re all in yoga pants anyway, so trust me — you don’t need it.  Save those dolla dolla bills, y’all!

Super important here. If you’ve been laid off, try not to touch your retirement plan. I know that the government has loosened the rules on how much you can take and how you’re going to pay it back (and yes, you do have to pay it back), but that is the most expensive money you have. 20% withheld for federal taxes + a 10% early withdrawal penalty? No thank you!

I’d rather you look for an online side hustle to bring in some extra cash. Have an expertise? Design websites? Write killer copy? Maybe you’re the Italian Stallion of graphic design? Girl, get on the app Fivrr. People will pay you for your work. It’s a great way to generate some extra cash. 

Some other great side hustles (in no particular order):

1. E-books or e-guides

2. Online store, like Poshmark or Tradesy, to sell your unwanted clothes & accessories

3. Create paid printables

4. If you’re a great photographer, sell your stock photos

5. Test products and/or websites & leave reviews

6. Offer Virtual Assistant services

7. Transcribe audio recordings

8. Tutor online

There are so many options out there, I know you can find something. Or better yet, create your own opportunity.

Don’t let your kids off the hook either! If they’re homeschooling either part-time or full-time, they have the time to earn some extra moolah! Head over to Southern Fried Business to grab your two free printables, for warm or cold weather. There are some great ideas for kids to make their own side hustle money. And bonus, you might be creating a future entrepreneur!

One last budget item I want to warn you about. Please, please, please continue your medical insurance. If you’re still working from wherever, no problem. But, if you’ve been furloughed you can continue (temporarily) your coverage through COBRA. It’s expensive, fo sho, but you can’t be without some coverage. Worst case, you can apply for coverage through the Affordable Care Act.

So, that’s it! What are you going to do? How are you going to cut back and level up during this strange time we’re in? And, since there’s no putting that damn cat back in the bag, (and like the Navy Seals say), we need to adapt, improvise, and overcome. I’d love to know what you’re already doing, and if you implement any of my suggestions.

PS. If you can recognize the 3 random movie references in my article, send me an email noting the reference, and the corresponding movie, and I’ll send you a Starbucks gift card!  [email protected].