In this fluctuating economy, it’s important to take steps to protect your financial future. Here are some considerations to take today to save you from budgetary burdens tomorrow.
1. Prioritize Your Expenses:
The first and most important step to safeguarding your savings is to decide which bills are most vital to your livelihood. Rank them from top to bottom according to “need-to-live” and “nice-to-have.” Be sure to take any penalties you would incur from a late payment into account.
2. Cut the Excess:
Once you’ve prioritized your expenses, you’ll have a good sense of what you need and what you don’t. Anything that falls into the latter category should be discontinued until a later date, and anything considered a necessity should be revisited each month to make sure it still belongs there.
3. Try Negotiating:
From landlords to cable providers, many bill collectors are showing extraordinary empathy during these unprecedented times. If they can’t defer or reduce your fees, they may be willing to add some other kind of incentive as a show of good faith. As the adage goes, “You’ll never know unless you ask.”
4. Consider Your Credit Cards:
Charges, whether recurring or one-off, can add up quickly on your credit card statement. Take the time every week to review your statements in detail and identify those one-off charges that are adding up. Then, consider which recurring bills are worth keeping and which should be cut. Lastly, consider calling up your credit card company to renegotiate annual fees or interest rates.
Additionally, don’t forget that refinancing your mortgage or shopping around for better rates on home insurance may lighten your financial burden. If you’d like to learn more about the low-cost, high-value options available through us – Keller Mortgage and Keller Covered!