Remember when you were told somewhere along the way to save for a rainy day? Well, that day may be now for some of you reading. Just when things were smooth sailing, wham, you may have found yourself with a temporary salary reduction, furloughed, or even laid-off. The economy was rocking and rolling and came to a complete stop almost overnight. So now what?
1. Coronavirus Stimulus Check
For many, you will receive a stimulus check. Use it wisely! Pay for necessities like your mortgage, bills, groceries, etc.
2. 2019 Tax Refund
You may even find you are getting a tax refund this year. While you get to delay until July 15th, go ahead and see if you are getting a refund.
3. Look at Your Budget
You’ve been meaning to create a budget but just couldn’t find the time. If you have the time now, it is a great way to spend an afternoon.
Here are a few great budgeting apps to give a try:
- Mint: Budgeting/Money Management App
- You Need a Budget (YNAB): Debt Management App
- Wally: Expenses Tracking App
Where can you trim some expenses? Review your expenses for the past few months. Write them down and put them in categories. Maybe it’s time to shop your providers: cell phone, cable/internet, insurance (auto/home/renters), and pest control are some examples.
Did you know many auto insurance companies are giving a credit to auto premiums for April and May due to the pandemic? Find out if yours is offering.
4. Refinance Current Debt
Interest rates are at record lows right now. This impacts interest rates for mortgages, vehicles, and student loans. Look at your current interest rates and contact your current lender to see what options you have. Also reach out to a local bank or credit union to see what they can offer. These refinance options may have closing costs so be sure to ask questions and shop around.
We bought a house only a year ago and found out we can lower our interest rate by 1%! That reduced our payment by $150 a month and the process allowed us to skip one month of mortgage!
While it may seem times like these may never end, know we will get through this just as we have many, many times before.
For more savings tips to share with your employees, Download our infographic>>Accessing Saving during hard times
More resources available:
www.LinkedIn.com – lots of up to date articles on who is hiring, stimulus packages, unemployment aid, etc.
www.Irs.gov – up to date info on all thing’s taxes and economic impact payments
https://www.nfcc.org/resources/coronavirus-financial-toolkit/ - Resources specific to help you manage your finances.