This 3rd and final article focuses on the ups and downs, challenges and triumphs of managing the financial impact COVID has had on your household budget. Whether you have previously budgeted like a pauper or a pop-star, it’s safe to say that most of us have had to take a long, hard look at our financial outlook over the last 12 months. So, if you are looking to make some positive financial changes for yourself, the family budget or for the long-term, these VP Member tips, hacks and tools could hold the hidden gem to getting (or keeping) your finances on the right track!
When it comes to the effects of the pandemic on employment and finances, it’s not all doom & gloom. While some families have certainly been hit hard, the majority of members say that they have been managing fairly well, financially. The COVID shutdowns and restrictions spurred the economic impact of a freight train for about 31% of members’ household income; members in this group say they now either need to stick to a very strict budget or have challenges making ends meet. Conversely, about 60% said they have had little to no financial concerns or changes over the last 10 months. And, we are happy to report that almost 9% of you are surprisingly in a better financial place than before the pandemic started! (Woot-woot!)
VP Members are on a ‘Saving Spree’!
Interestingly, exactly 1/3 of Members shared that COVID was a financial wake-up call for them and they are now actively saving for something specific.
VP Member Roundup: Products & Services worth their weight in gold for tackling financial issues during COVID
What it is: This app from Intuit is a simple answer to financial complexity – it brings your bank accounts, paying your bills, and anything that has to do with the saving and spending of your money together in one place.
Who it’s for: Individuals who are looking for an easy way to do their finances and an effective way to budget.
How it helped: “Mint.com app. It’s amazing.”
“I am using Mint to track my expenses and Digit app to help me save daily as I go.”
What it is: Realize you don’t have much in your savings account? Here is a solution for that! Acorns.com is an easy way to help with investments, retirement, checking, etc. This app allows you to set aside money from each paycheck while gaining tips on how to continue saving and earning more money as you go.
Who it’s for: For novice or non-investors, this app is a no-brainer way to start building an investment nest-egg!
How it helped: “Acorns is great for investing just a little bit of money, and can have a great payoff.”
“Acorns will round up the total on what you buy to the next dollar and invest that spare change into a diversified investment portfolio based on your goals.”
What it is: For those who are seriously ‘savings-stubborn,’ Digit is sort of like a personal trainer for your bank account. From your vacation fund to Student loans, Digit is there to help you reach “your goals each day.”
Who it’s for: Individuals who are looking for an “effortlessly” way of reaching their financial goals.
How it helped: “The service makes savings decisions simple. Digit analyzes what goes in and out of your checking account. Then, it periodically moves funds from checking to savings in amounts its algorithms believe are safe to save.”
And, for those looking for ways to add some income or earn rewards for shopping, these apps could pay out big, if you have the time to use them to their potential:
What it is: It is a mobile app that helps you find and earn new offers for your favorite products and brands. Are you more of an online shopper? No worries, ‘Ibotta‘ has a browser extension to help you “discover exclusive deals” at your favorite online stores.
Who it’s for: Regular shoppers, whether it’s grocery shopping, paying for entertainment, or dining out, there is a deal for everyone.
How it helped: “I use apps like Ibotta. It helps me get money back on groceries. It also let me get thanksgiving dinner practically free using their app and shopping at Walmart.”
“I discovered an app called Ibotta I scan my receipt and get money back on select items. It takes some time to do because you have to select the discount before you scan the receipt but over the past couple months I have gotten back over 100$ on my groceries that I would have been purchasing anyway. That little extra has helped.”
What it is:
Are you always online? What would you say if someone told you that you could make money from doing precisely that?
‘Swagbucks’ is a place where you can gain points, which turns into gift cards, by playing games online, shopping, searching the internet, watching videos, and taking surveys. Turn the time you already spend online into a gift card to some of your favorite stores!
Who it’s for: Individuals that find themselves spending a lot of time online.
How it helped: “It gives you points for searching, plus you can earn points from online surveys and shopping at partner stores. Those points quickly add up to free gift cards for stores like Amazon or cash back in your PayPal account. ”
What it is: Ever wonder if you can use your current shopping as a way to save money in the future? Now with ‘Fetch,’ all you have to do is scan your receipt, and you’ll start to get grocery rewards. These rewards can vary from skincare to food options to magazines and many more.
Who it’s for: The grocery shoppers of the house
How it helped: “I scan my receipts on Fetch app to get spending points, I have memberships or rewards were available to earn items, discounts, or meals.”
What it is:Want to make sure your kids are money smart and prepared for their future? ‘Financial Peace Jr.’ is a “toolkit” that gives parents an opportunity to train their kids through an activity book, launchpad chart, chore chart, give, save, and spend envelopes, and ebooks. These tools all will help parents “money-smart kids.”
Who it’s for: Parents with children between the ages of 3 and 10 years old
How it helped: “Dave Ramsey and his daughter Rachel Cruze – they wrote Financial Peace Jr. gives parents the tools they need to raise money-smart kids. The kit covers four basic concepts: working, spending, saving and giving. Even if your financial history hasn’t been perfect, you have the opportunity to teach your child to live differently.”
What it is: Dave Ramsey is a well-known expert in topics such as “your money, your business, and your life.” Accounts, such as @debtfreejourney and more, are individuals’ journeys following Dave Ramsey’s Debt-Free course/steps.
Who it’s for: Individuals looking to pay off your debts
How it works: Use this fun and energetic journey to help motivate you to start your own financial journey.
What it is: “I help women learn how to budget and pay off debt.” This page’s author is a budget expert featured in Forbes, Time, Parents.com, and People. “Sign up for [her] free budget course!”
Who it’s for: Women on Instagram
How it works: This page is a fun and unique way of getting tips on “how to budget and pay off [your] debt.”
What it is: ‘Budget By Paycheck’ is a workbook that helps with everything between organizing your bills, paying off debt, tracking your finances, and tracking your progress through your time using it. This workbook is not just a way to keep track of your bills but a way of creating a financial plan that will continue to help you in your long-term and short-term future.
Who it’s for: Individuals that are paying the bills or dealing with their finances
How it works: “I have been using the Budget By Paycheck method from The Budget Mom for organizing my finances and it’s saved my life!”
Government Programs/Food Banks
What it is: Are you struggling to get food on the table every night? Ever thought about going to a Food Bank? Most cities in America have local Food Banks that provide meals to help “the fight against hunger” Not only are Food Banks helpful with providing meals, they also can help when it comes to looking for financial or mental support as well.
Who it’s for: Individuals looking for support, whether it’s financial, food, or mental.
How it helped:
“Just search for COVID relief + your city…I have become aware of agencies out there with the ability to help those without food, utilities or mental health issues, if the situation warrants.”
“These programs exist to help us get through this – I’m going to local food banks, applying for financial assistance, delaying or deferring payments for bills that are due.”
“I have had to start to go to the food bank to help save a little money for other bills. I didn’t want to do this but now that my mother lives with us after she had her stroke last year and I care for her we need a little help.”
How it works: “I fell behind on my credit card payments. When they wouldn’t stop calling for payments, I asked them for help. Most of them had programs for COVID relief that placed my account on hold. One account let me skip a month’s payment. My point is that they were all pretty much more then ready to help, I just had to ask for it.”
How it works: “Ally allowed us to delay payments and Caliber, our mortgage co. allowed a forbearance through the CARES Act.”
How it works: “Don’t be ashamed of assistance programs like charities churches, government aid and food banks. We’re all trekking through this mud…”
“We joined a Catholic Charities program that helped us when we were homeless a few years ago. It was supposed to help us get back on track and stay there but then Covid hit and without their help we would be homeless again. Since we committed ourselves to learning from mistakes they helped us with paying our rent.”
I think we’d all agree that Coronavirus has been a big, mean jerk; This pandemic not only upended our daily routines and social life and compromised our health, but it arrived like a thief in the night, from a financial perspective. The good news is, we are getting smarter, stronger, healthier and more optimistic every day – vaccines are rolling out, schools are opening and the colors of early dawn seem to finally be peaking out on the horizon. We WILL get through this together and, if any of these tips can help you or someone you love, please pass them along and let us know what worked!
If you have a product or service suggestion that you think would be helpful to others trying to tackle their finances, or might be helpful in general, just email it to us or post it on our Facebook Page. The more we can offer support, encouragement and real solutions that worked for us, the more we can hopefully help each other weather this economic storm.
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9 Responses
The Dave Ramsey course by far is one of the best classes my husband and I ever took! I wish we had taken it sooner in our marriage as we would have been set up a bit differently for retirement. We are doing ok, but I see ways we could have improved our financial situation. He is a great teacher and I encourage others to just listen and learn especially new couples.
Thanks for the good information!!!
thank you for the updates…stay safe
Great help from so many during this time.
Thank you for pointing many of us in the right direction for specific needs during this unprecedented time.
Good info. Thank you so much.
Thanks for l information and details provided.
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