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Forum
-> Household Management
-> Finances
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amother
OP
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 Mon, Aug 03 2020, 3:28 pm
How are you handling your finances?
Are you spending more money? Paying back debt? Investing this money into other sources, or into the covid hyped business?
Are you looking at this as a short term thing? How long do you think this will continue for?
Our business is doing very well partially covid related, and I’m very nervous about what to expect long term, and what the right way to handle this is.....
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amother
Silver
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Mon, Aug 03 2020, 3:52 pm
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Not exactly the same situation, but we are making more money right now because of COVID. Definitely looking at this as a short term situation, and aggressively paying down debt. The money saved in interest will iy H serve us well in the future. Also for sure spending some more, but not majorly, just not second-guessing every single small purchase.
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amother
White
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Mon, Aug 03 2020, 4:08 pm
Not in business, so not really comparable, but working in health care I've picked up a lot of extra shifts.
My rule for something like this is that half goes into savings, and the rest is dedicated to big purchases that were on a wish list rather than any realistic hope of managing. Then the change is for day to day luxuries. Fortunately we don't have any debts to worry about. If we did, that might have come first.
Covid itself has involved us in some extra expenses, so they came out of the extra money before we did anything else with it.
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