When you are going through unprecedented times of uncertainty and fear, one of the last things you want to worry about is finances. Follow these tips to avoid adding unnecessary strain.
- Avoid eating out. This will save you $$$ and calories.
- Limit online shopping.
- Cancel entertainment subscriptions. Summer is a great time to do this.
- Pay off credit card statement balances each month.
- Wash your own car.
- Learn how to do simple home repairs instead of paying someone. YouTube is a great resource.
- Drink more water. Limit soda and beverages that cost money.
- Ride your bike, walk, or use public transportation.
- Program your thermostat.
- Pay more to loan principal amounts than required each month. This will save you interest dollars that are accruing every day.
Innumerable financial tools and resources are available. Do some research and utilize ones that appeal to you. It’s okay (and encouraged) to seek for help.
- If needed, check to see if you qualify for any payment deferral programs—stop paying deferred loans until interest begins to accrue again.
- Put your stimulus check to good use: pay off some principal of a loan, save it, invest it.
- If you’re in need of money now, look into banking products that might help: Lines of Credits, 0 percent credit cards, or personal loans. Make sure you are responsible about paying them off before they accrue interest.
The impacts of this pandemic won’t go away anytime soon. If you can achieve financial wellness by following these steps and others, you can open up opportunities to enjoy life more and focus on the things, and people, that really matter.
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