My husband and I discussed our finances and decided the following:
We would pay the minimum due on our mortgage instead of spending one whole income on it like in the past. Our mortgage is around $900/month. The remaining of that income could cover two other months of our mortgage.
We live on one income: After we took expenses out for April bills and groceries, we decided my husband would pay the minimum due on his credit card instead of paying with the remaining of his income. The remaining of his income that he earned in March could be enough to pay minimum due on his credit cards for 3 months.
Make the Most out of Your Income during COVID-19 Pandemic – Adjustment to Our Finances
His first pay in April is enough to pay 2 months of our utility bills no grocery included.
I decided to stretch April grocery budget of $300 for our household of 7 as much as possible like if it is for 2 months. My husband purchased bananas and rice from his grocery store.
If his store decided to close and I didn’t receive payment from my job, we could cover our basic expenses for at least 2 months using our March income.
With many people losing their job, if you are trying to pay off your debts early, you might want to review your finances and make adjustments to your financial goals and save enough of your income as much as possible.
Let’s live one day at a time but few steps ahead of a possible recession this COVID-19 Pandemic could push us in.
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