Step 1. Make an emergency budget

Identify what income you have (and others in your household). You may have income from your salary, from your business, pension or different sources.

Identify what you are spending on.

You will have fixed expenses each month like your mortgage or rent, insurances, utility bills, food and child care.  Make sure to list also variable expenses, these are expenses that vary depending on the month, such as school fees, dental treatment, car tax etc.

Prioritize your expenses and see if you can make payment arrangements or try to lower your expenses. 

Step 2. Track your spending

Keep track of your day-to-day spending, so you don't live beyond your current means.

Look at your bank statements from the last couple of months, see where you might be able to cut down on your spending.  You can view your statements online using Aruba Bank Online and use the Aruba Bank App to check your balance and to track your spending. By tracking your expenses you are less likely to spend on things that are not necessary to you and your family in the current situation.

Learn more about the app

Step 3. Look for ways to cut down your spending

To help making your current income go further aim to cut nonessential spending from your budget.

With the current ‘Shelter in place’ measures, it should be easy to cut entertainment spending.  But you can also be smart about your food spending.

• Plan your meals ahead, and make a shopping list before going to the supermarket. Not only will it make your shopping trip go faster, but also will make you less likely to buy nonessential items.
• Consider other items you could go without, such as any subscriptions you may be paying for and not using, and think about cancelling them temporarily.  
  You may need to cut back on many expenses to get through the weeks ahead.

It may be tough, but you will be pleased you did it once it is over! 

 

Step 4. Consider savings

If you still have your normal income or a partial income, then consider putting money aside for the weeks or months to come. Even a small amount can make a difference!

• Use our Save the Change Account to make small savings every time you use your Maestro Debit Card
• Use Internet Savings Account for easy access, to make regular savings, using Aruba Bank Online or the Aruba Bank App

 

View savings options

Step 5. Talk to those you owe

There is uncertainty surrounding how long the Coronavirus outbreak will last, how bad it will get, when the economy will recover, and many other variables.

Call our Contact Center on 527-7777 during business hours, if you need to discuss your mortgage, insurance, loan or credit card payments, due to loss of job or income.