Making money stay in your wallet is a struggle for many people now facing unemployment, reduced hours, reduced pay, or furloughs.
Just like any other big economic impact money in the foreseeable future will be viewed a bit differently. Every time you go to pay for something a part of your brain will trigger and you'll find yourself asking "Do I really need this?". If there is one thing that most Americans have realized during the pandemic it's that most people are not prepared—but getting prepared is easier than you might think. Here are some tips to not only juggle finances today, but also in the future.
Pump Up Your Emergency Account
The perfect time to get serious about pumping up your emergency fund is when you know you could soon be facing an actual emergency. Like now. Financial experts recommend keeping three to six months' worth of essential expenses in a savings account.
Work on Yourself
Use this time to look in the mirror and ask yourself where you want to be five years from now. Earn a professional certification or take a continuing education class that will help make you less reliant on your salary as someone else's employee. Develop the skills and build the network necessary to generate income independently.
The one genuinely positive development to come out of the current crisis for homeowners: record-low mortgage rates.
Cut the Subscriptions
As simple as it may sound, subscriptions have a sneaky way of draining one’s pocket. Create a spreadsheet, open up your bank account from the last two months and find every subscription you have active. Remove/cancel the non essential. This will free up extra cash that you never knew existed. In the same line of thinking: subscriptions that have similar uses should also be canceled.
Keep the Groceries Simple
When shopping for groceries, always make sure that you go for the basic and essential items. Luxury grocery items that you can’t afford will cut your savings in half or more. Simple grocery shopping allows you to remain healthy while keeping a healthy pocket at the same time.
You've cleaned the house better than when you first moved in, cut the grass 3 times, and your dog is snoring from the 10 mile walk you just took them on. So now what?! Grab your tv remote and get cozy on the couch. Escape reality and dive into a new tv series or watch all of those movies you've been wanting to watch.
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