Having affordable housing during this uncertain time can be a blessing. However, paying for rent, utility bills, and other necessities can be challenging if you were laid off or reduced to part-time. Use this guide to figure out how to plan your finances and spending so that you can stay financially secure during the pandemic.

How to Manage Your Finances During COVID-19

1. Take Stock of Income

If you’ve been laid off or your income is reduced, tap into your savings and other emergency funds. Calculate the total of how much of your savings you’ll use, how much income is anticipated, and any stipends you’re receiving. Divide the sum by the number of months you expect to live off this newly reduced income—this is what you have available to spend.

2. Scale Back

Once you know what your available monthly income is, subtract what you currently spend from this amount. Deduct the average cost of rent, bills, groceries, and other living necessities. If you’re in the red, figure out what you can cut. Reduce your spending to the essentials during this time, and cancel any unnecessary subscriptions, memberships, and electronic services.

3. Negotiate Bills

If things are still tight after scaling back, talk to your creditors about your situation. Landlords and major companies understand what people are going through, and many offer solutions to temporarily reduce or postpone payments. Don’t wait until you owe several back payments to start reaching out, as this can negatively affect your credit score and make it challenging to find affordable housing and loan options in the future.

If COVID-19 has altered your living situation, turn to Lailani Apartments for an affordable housing solution. This community is located in Kailua-Kona, HI, and offers spacious one-, two-, and three-bedroom apartments. Residents enjoy access to an on-site management team, coin-operated laundry room, and basketball court. To get more information about the amenities, visit the website or call (808) 329-2684.