Saving Tips from Financial Experts to Help You Ride out the Pandemic
Everybody has been affected by the permeating effects of the coronavirus pandemic has had on society. Even those who are lucky enough to still have a source of income and have prepared themselves financially for such an unforeseen event are becoming concerned over how long their savings or emergency fund would last them. Here are some penny-pinching tips financial experts have to give for people in such a situation.
No to Retail Therapy
Not being able to leave the house can result in a massive cut to one’s monthly budget. After all, having limited things to do outside also limits what a person can buy too, right?
In a way, yes. However, the long home quarantine period can also lead one to give into the temptations of online shopping, whether it’s for necessities like groceries or luxuries.
To avoid falling into this trap, Frost Brokerage Services and Frost Investment Services’ Angela K. Holiday advises people to not resort to panic buying as well as retail therapy. Making these mistakes can lead one’s credit card balances to rise, which can turn into debt when left unpaid.
Remember that having unplanned debt, especially during a global crisis, isn’t ideal.
Cutting Back on the Non-Necessities
Now is also the perfect time to review one’s spending habits. Start by going through all of the credit card payments and charges made during the past few months.
This process should also include the heavy-handed elimination of the expenses that may be deemed discretionary or unnecessary, according to certified financial planner Ande Frazier.
Unfortunately, one might have to sacrifice things like streaming subscriptions, data plans as well as fitness memberships. Going without these can leave a person with a significant amount of money they can then use for more important and urgent things like debt repayment and bills.
Try to Negotiate Bills
Speaking of bills, people should know that they aren’t alone in not being able to afford them at the moment. Credit industry analyst Nathan Grant reminds struggling individuals that they can first start negotiating with their landlord, credit provider, and utilities provider.
Find out if they’d be willing to settle for a different payment arrangement or even extend deadlines for bills. They might be more understanding towards clients and consumers considering the widespread effects of the coronavirus crisis.
Coming to an agreement on these matters can help an individual not deplete their savings paying bills when they have no source of income yet.
More inFinancial Adviser
Essential Grooming Tips for Men
Let’s face it—men do not spend as much time and effort on grooming as their female counterparts. Whether it is down...October 11, 2021
Things That You Should Not Take out A Loan for
There are things that are not only pointless to take out loans for, but also dangerous for personal finances. It often...October 10, 2021
Tricks to Cheer up in The Fall
In autumn, not only does the temperature and leaves fall, but so does our vitality. Specialists are unanimous: it is impossible to...October 10, 2021
How to Save Money: Some Ways to Learn to Save Money (Part 1)
Saving money is one of those tasks that are easy to imagine and plan, but difficult to implement. Some questions seem...October 10, 2021
Why Millions of Millennials Cannot Become Homeowners
Homeownership continues to elude the millions of millennials, according to one new report by the Urban Institute. The report lists a...October 9, 2021
These Celebrities are Making a Career on Instagram
In the past, people got their daily dose of advertisements in newspapers and through the television. Fast forward to the present...October 9, 2021
You Won’t Believe Which of Your Favorite Celebs Own These Beloved Brands
Recently, it seems that celebrities are everywhere in the consumer market. Kylie Jenner seems to be leading the way, being crowed...October 9, 2021
Racked up Credit Card Debt during Quarantine? Take these Steps to Take Back Control of Your Finances
The months-long coronavirus pandemic quarantine spelled disaster for many people’s finances. Whether it’s because you’ve been shopping online more lately or...October 8, 2021
Tyler Perry’s Billionaire Status is up for Question–What is the Director’s Real Neat Worth?
Writer-director Tyler Perry was recently conferred the billionaire status by Forbes in a cover feature published in September. While there were...October 8, 2021