Protecting Your Financial Health
During these uncertain economic times, many people are having difficulty paying their monthly bills. Whether you fall into that group or not, it’s important that you take steps to protect your financial future. Here are some considerations to take today to save you from budgetary burdens tomorrow.
Prioritize Your Expenses
The first and most important step to safeguarding your savings is to decide which bills are most vital to your livelihood.
This worksheet from the Consumer Financial Protection Bureau can help make those tough decisions a little easier.
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.
Know the CARES Act
The government’s $2 trillion emergency stimulus package is loaded with important information for US citizens. With benefits like eviction relief, a moratorium on foreclosures, and the opportunity to defer or reduce mortgage payments, the CARES Act has a lot to offer beyond a stimulus check.
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.”
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.
These suggestions are only the beginning. If you’d like to discuss more ways to strengthen your bottom line, shoot me a text or phone call at any time. I may not have all the answers you’re looking for, but I will do whatever I can to find them.
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