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Tips for Budgeting During COVID-19

Tips for Budgeting During COVID-19 - Tucker® USA

My Store Admin |

Tips for Budgeting During COVID-19

Covid-19 couldn’t have hit at a worse time of year, right? As the window cleaning and soft washing industries were gearing up for the busy season, many in the industry have taken a hard hit.

While money is tight, it’s a good time to reevaluate your business and personal spending to see where you can cut down, and what key changes you can make today to become more successful tomorrow. Let’s look at some things you can do.

  1. Create a three-month budget. Financial experts always recommend having enough savings to cover three to six months of expenses in case of an emergency. Good to know, but not always possible, right? For now, experts are recommending setting up a 3-month plan. Look at your known expenses and figure out which ones are necessary and which ones you can eliminate or at least reduce. (We’ll walk through some of these over the next ideas.)
  2. Call Your Creditors, Landlords, Vendors, and Utility Companies. If you know that making certain payments is going to be difficult, let them know as quickly as possible. Many lenders are allowing skipped payments, waiving late fees, and offering free services, but those aren’t necessarily automatic. You need to be proactive in letting them know you need to work with them during this time.
  3. Look for wasted expenses. Cancel or pause monthly subscriptions. Cut back on premium TV channels (several online subscription channels are offering free services right now anyway) or remove things like phone insurance. If you subscribe to software services, see if you can cancel, pause, or at least downgrade for the time being. Call your cell phone and internet carriers to see if you can get better rates. Small changes add up.
  4. Pay the minimums. If you’ve been working hard to pay down debt, good for you! However, you may want to temporarily back off and pay only the minimums until business picks back up. Again, talking to your creditors may help you get a lower interest rate for the time being.
  5. Watch your utilities. Make sure you turn off every light, every radio, every computer, and every appliance that you might leave on when no one is around. Any device that has an LCD screen continues to consume electricity even in sleep mode. It’s also a good time check for inefficient appliances. For example, a toilet with a leaky valve can trickle water 24/7.
  6. Talk to your accountant and financial advisor. They can guide you on ways to currently save money, as well as advise you about government loans, tax credits, and grants that you may qualify for.
  7. Focus on inbound marketing. Rather than spending money on Facebook or Google ads, flyers, direct mailers, and so on, spend your time and energy on inbound marketing, like social media, blog posts, and email campaigns. Inbound marketing requires little-to-no spending. It does, however, take time and effort to do it right.
  8. Talk to your local Small Business Development Center, Small Business Administration, or SCORE. While business coaches can be a great investment, now may not be the right time to pay out of pocket for coaching, especially when there are free business mentorship programs available. They can also help guide you through available financing options.
  9. Take care of yourself! Eating well, exercising, getting sleep, and so on will help keep you feeling positive and motivated, which will in turn help you encourage your staff and family. Having a healthier mindset will also help you think innovatively and make better long-term decisions.

Got questions? Call us at (303)663-1779, fill out our contact page, or chat with us online