How to stay on a budget

Establishing a budget is key, especially when an emergency occurs. In order to manage your budget, you will need to identify both your income and your expenses. It is also important to identify your needs versus your wants during this specific period. For example, this may be a good time to cancel subscriptions like Netflix over the short term. Consider using a budget planner as a tool to help you determine whether you will have the funds to meet your ongoing financial commitments and where you could cut expenses. The Financial Wellness Office offers budgeting resources. Information can be found under Financial Wellness on MyDenison.

Many financial institutions are offering Coronavirus assistance. (For example, Citibank is waiving monthly service fees.) It is important to find out what your bank or credit card company may be offering at this time. Even if your credit card issuer has not formally released a state of support, if you are at risk of missing a payment it is worthwhile to contact the company to discuss options. Late payments can hurt your credit score and pile on extra charges and fees– so getting ahead of the issue will save you down the road. If you owe any federal taxes you can defer (interest free) for up to 90 days.