Now is the time to get a clear view of your monthly expenses and spending habits and how these may need to change.
Create a new, adjusted budget that factors in your current situation
Cancel all non-essential expenses
If the pandemic and resulting lockdown has had a drastic impact on your salary, or resulted in a job loss, you may be worrying about how you can pay your bills, including your home loan and credit card repayments. You may even have to prioritise which bills you can pay and which obligations you may not be able to meet.
Contact your creditors first to make a payment arrangement
As your spending habits change during this time, you will probably be cutting back in areas, like entertainment for the kids, clothes shopping or visiting the hair stylist.
Take the amount that you would normally spend on these activities and place it in a savings account. This will not only provide you with a buffer during these uncertain times but can also help to build up emergency savings.