Well, this is a post I never thought I’d write. But I’ve seen a lot of “quarantine shopping lists” from bloggers lately and I can’t imagine that’s the type of content that anyone really needs right now. So I wanted to contribute something to a topic that hopefully felt more relevant and helpful.

Money. It’s the thing that’s come up in every single conversation I’ve had with friends, family members and fellow New Yorkers. After a fear of the virus itself – everyone I’ve spoken with has expressed some level of concern over money. And sadly, I think we’re just scraping the surface of those concerns. I’m obviously not an expert financial planner, but I do think there a few things that all of us could be doing right now to help ease our anxiety. Since we were all in very different financial situations before this even started, I’m breaking these suggestions down into 3 different scenarios that you might be finding yourself in right now.

If You Are Experiencing Major Financial Panic Right Now:

First of all, I’m sorry. There are SO many that fall into this category. From those that own a small business to those that were just laid off. I think the hardest thing is not knowing how long you’ll be in this situation, so it’s important to plan really carefully.

To begin, I’d write out every single non negotiable expense you have (rent/mortgage, insurance, groceries), every negotiable expense (netflix, gym membership) and where you’re at with any remaining income + savings. Cut every single negotiable expense and then run the numbers on how long you can last? If it’s one month or ten – at least you’ve got a deadline. Now, look again at those “non-negotiables”. Can you ask for a delayed rent payment in the meantime? Maybe you’ve got landlords who would be willing to help. Think you need to spend $300 a week on food? Here is a grocery list for 2 people that only costs $50 a week. My point is you’re going to need to get really creative here and take your expenses as close to rock bottom as you can.

Beyond that, there are a wealth of resources being shared right now about federal and state level funding for individuals put out of work or small businesses affected. I know they can feel overwhelming to sift through, but the sooner you look at what options might be available to you, the sooner you can feel a glimmer of relief. And don’t forget to think through what side hustle skills – like babysitting – could be of real use to others right now and could generate some extra income for you.

If You Are Feeling Unsure of How to Handle Your Finances Right Now:

I think the majority of us likely fall into this category. Maybe your spouse has lost their job but you still have yours. Or you are employed now but are worried you could be laid off down the line. Regardless of the circumstances, now is the time to reassess your budget and savings.

Look carefully at your monthly spending. This is not a normal month, so you can’t go with your normal budget. Adam and I just reviewed the monthly budget we use and quickly realized how much has changed. For instance, he is working from home which means he’s spending $0 in gas and tolls. Our grocery bill skyrocketed as we planned to cook 3 meals a day at home for both of us, but our discretionary budget for things like going to the movies or grabbing a drink has flatlined. Take time to adjust your budget to your new normal. That may either be more or less expensive than what you’re used to.

If there’s anything extra, I suggest bulking up any savings you have right now. 58% of millenials have less than $5,000 in savings – and if you live in an expensive place like New York, that isn’t going to last you all that long. We’re currently in the exact scenario of why you want to have an emergency fund. Start building it up any way you can.

If You Want to Manage Your Money Wisely Right Now:

First of all count yourself lucky. If you fall in this category it means you likely have a stable job that you know can weather this storm and a comfortable amount of savings.

I’d suggest being cautious with investments and spending – but if your discretionary budget still exists then please, please, please use it for the following. Supporting small businesses or giving back to those desperately in need right now. Below, a list of suggestions. And thank you in advance.

Small Businesses:

You may not receive your order right away, but every dollar means a lot to small businesses right now, and you can always consider a gift card too. Lulu Frost (the one I work for goes without saying – we’re a team of 7 based in NYC and female owned), Brooklyn Candle Studio, NYDJ (they’re giving a portion of proceeds back to charity as well) and McNally Jackson bookstores to name just a few.

Charities:

No Kid Hungry is supporting kids who are going hungry now that they’re out of schools, Heart to Heart is helping provide medical supplies and on a local level, here is a list of funds being raised for many of New York’s beloved bars and restaurants. These are just a short list of where I’ll be contributing, but do your research and help anywhere you can.