11 Ways to Manage Money Wisely During Times of Uncertainty

11 Ways to Manage Money Wisely During Times of Uncertainty

This is the second in a series of three posts on how to manage money wisely and improve your financial wellness. You can read the first post in our series here.*


Learning how to manage money wisely during times of uncertainty is quite possibly more important now than ever before.

Healthy money management could potentially provide the necessary security and freedom to manage almost any situation.

Having a budget, tracking spending, and contributing to savings might become very important strategies to achieve money management success.

Indeed, you alone can decide to take the necessary steps to improve your financial well-being.

No, we will not tell you what to do in this article or provide financial advice.

Instead, we’re sharing 11 specific things that some people choose to do that could potentially help get on the fast-track to learning how to manage money wisely.


  1. You might track your spending.

Understanding where your money is going monthly is an important first step to help establish realistic budget goals.

Many times, consumers are surprised to find that they are spending more on specific categories.

This can potentially cut into emergency savings.

The first step to learning how to manage money wisely is successfully keeping track of spending habits.


  1. You might decide to find an affordable cell phone plan.

Some people are unaware that cell phone bills can be negotiated. Negotiating your phone bill might help contribute to wise money management.

Additionally, the competition might be heating up in the wireless industry.

This potentially makes it possible to switch carriers and save on monthly costs with a contract buy-out.

Regardless of whether you decide to stay at your current carrier or switch, reducing your cell phone bill might be a great way to save money during uncertain times.


  1. You might stop unnecessary spending.

Do you buy new clothing or shoes every month? Maybe you enjoy collectibles or owning the latest tech devices.

If your purchase does not make you money based on the amount that you spent, then buying it during times of uncertainty might not be the best choice.

You are in control of your savings and your spending habits, and the buying decisions you make today could potentially have a positive or negative impact on your ability to live with the knowledge of how to manage money wisely.


  1. You might budget for groceries.

Have you ever shopped for groceries when you were hungry and returned home having spent more than originally expected?

Budgeting for groceries might save you hundreds of dollars monthly and could possibly help contribute to better money management.


  1. You might decide to order smaller restaurant portions.

Deciding to cut your restaurant bill in half by ordering a smaller portion could potentially help with money management during difficult times.

Some people decide to cut one meal in half to share with their dining companion.

You might also consider other money-saving options such as ordering water instead of tea, soda, or alcoholic beverages.

Some diners share an appetizer instead of spending additional money on individual meals.

Choosing smaller meal portions instead of overindulging can satisfy your hunger and encourages a healthier lifestyle, in addition to helping you save wisely.


  1. You might decide to reevaluate your car payment.

Car owners could potentially spend much more than they have to on their car payments.

If your credit has improved significantly since you last purchased your vehicle, you might be able to refinance at a lower APR.

Additionally, you might be able to trade your car in for a more affordable option if the amount owed on your car is around the same amount that your vehicle is worth.


  1. You might cancel your subscriptions.

Are you paying extra for services or apps that you no longer need or use?

Checking your billing statements for recurring charges might be a quick and easy way to save thousands of dollars annually.


  1. You might lower your energy bill.

While some energy companies automatically apply discounts during uncertain times, understanding how to lower your energy costs might be an important component of wise money management.

You could potentially lower your energy costs by using less hot water, making sure your thermostat is set at 79 during hot summer months, and showering for up to 10 minutes instead of taking baths.


  1. You might decide to sell what you do not use.

During times of uncertainty, it might be difficult to let go of those extra items around the house.

Letting go of what is not needed or used could potentially allow you to live in your home with comfort during difficult and unstable times.

Many times, letting go of unnecessary items can provide a feeling of freedom and empowerment.


  1. You might ask HR at your employer to set money aside for savings.

Did you know that you might be able to reach out to your employer or your company’s HR department and request a specific percentage of your paycheck to be split between your checking account and your savings account?

This is potentially a great way to put your savings plan on autopilot.


  1. You might make on-time payments.

Even during uncertain times, making on-time payments could potentially save consumers a significant amount of money in additional fees and interest.

If you can, you might decide to pay your bills on time.

If you can’t pay your bills and your money management plan isn’t enough to provide you with the funds needed, you should consider calling your creditor and explaining your situation.

Most reputable creditors will be receptive to working out a payment plan if you initiate contact.

This also mitigates the likelihood of collectors calling you.


During times of uncertainty, it can potentially be important to provide honesty with your creditors and family.

Honesty might open up additional opportunities to help avoid unnecessary financial distress.

While you might decide to ignore your difficult situation or hide it from others, it might be important to tackle your financial situation head-on and personally decide to make changes today to ensure a brighter future tomorrow.


The responsibility to improve your money management is strictly a personal decision.

There are many different strategies that can help improve your overall financial well-being.

Successfully acting on your decisions is sometimes the most difficult step.

The personal decision to take the road toward financial freedom isn’t always easy.

However, the reward can lead to overall wellness and stability.



*The information offered in the above post is not intended to replace the advice of a financial
consultant/financial planner. WorkPlaceCredit®  disclaims any responsibility towards an individual’s personal finances. We offer these posts only as conversation starters in the field of financial literacy.

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