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Tiffany 'The Budgetnista' talks budget management during troubled times

"Is this something I need to maintain my health? Is this something I need to maintain my safety? Everything else is a luxury," said Tiffany 'The Budgetnista'.

Money continues to be top of mind for many as we work our way through the current global pandemic. 

While we all grapple with uncertainty, Tiffany "The Budgetnista" Aliche, offers budget tips to help manage your finances during troubled times.

Aliche says you should start by asking yourself two questions, "Is this something I need to maintain my health? Is this something I need to maintain my safety? Everything else is a luxury."

You can also consider asking for help sooner rather than later.

"Right now there are food kitchens that are open and food pantries," she added. "You might have to look into a shelter or you might need to move in with a relative."

Overall, she says you want to make the pivot as soon as possible.

Aliche says, if you receive a stimulus (relief) check from the government and there are extra funds left over after all obligations have been paid, she says saving is your best option right now. 

"During recessionary times like this, really it's important for you to have a strong cash position because we don't know how long the economic downturn is going to last and you don't know if the income that you have coming in is going to continue coming in," Aliche said.

Online-only savings accounts are what she recommends as an option for storing additional cash because you could earn higher interest.

"Online-only banks do not have the same overhead as a regular bank," Aliche said. "It's going to make your money inconvenient because there is about a 24-72 hour wait to transfer your savings in an online-only bank to your checking at a regular bank."

If you'd like to learn more about budgeting tips, you can find additional information on Tiffany's website and social media channels

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