In light of the current global situation, budgeting and saving your money has become more important than ever before. Whether you’re struggling with unemployment, or are still employed, staying smart with your money is essential for staying afloat in a crisis. Consider these quick tips below as you navigate your expenses to prepare for the uncertain future.
Shop Smarter
There is no better time than the present to make the switch to becoming a smart shopper. Though you might not be someone who usually keeps a grocery list, getting into the habit of list keeping is the perfect way to limit your spending and help you stick to buying only the essentials. Apart from creating a list and sticking to it, do some research on any coupons that might be available. Some local convenience stores are currently offering curbside grocery pickup in select areas, making it easy to order online and add in simple coupon codes, saving you time on having to print or cut out the voucher on your own.
Run the Numbers
If you have not done so recently, be sure to run the numbers on your overall monthly expenses. Consider what you might be paying for that you cannot currently use, and cancel these services. From gym memberships to city parking lot fees, there are plenty of monthly costs you might have overlooked that you don’t need to keep on paying for while you’re stuck at home.
Beyond subscriptions that you aren’t making use of, try doing a personal audit of your home as well. Look for ways you can cut back on your energy usage in order to save, or consider doing home upgrades that yield a fast ROI. If you don’t want to cut back on energy usage, or you’ve already made the necessary changes to do so, you can always consider refinancing your mortgage as a saving option. Use an online calculator to run the numbers for your household, and look for online resources that outline what to consider when refinancing your mortgage.
Consider the Future
The key to being able to maintain a successful budget, and to saving in general, is to remain future focused. Take the time to calculate how much you’ll need to save in the upcoming months in order to create a savings cushion for yourself. If you have recently been let go as a result of the current global crisis, don’t wait to file for unemployment benefits. Utilize the cash flow from such benefits wisely and set aside a percentage for your savings that is most practical for you.
As you take into account any upcoming payments you have to make, do your research on what you’re actually required to pay off at this time. Apart from being able to put federal student loan payments on hold, many credit unions are also waiving interest on late credit card payments, and pushing back the minimum amount due dates to help those who are currently struggling. If you know you won’t receive a penalty for falling behind on certain payments, put this extra cash into savings, or allocate it elsewhere in your budget to meet your required needs.