As every commercial in the world keeps on reminding us,‘times are tough.’And that’s especially true when it comes to our bank accounts. With everything that’s going on, it could be easy to avoid getting ahold of your finances, but with uncertain times ahead, you really need to put your nose into your checkbook and get prepared for the future.Here are some tips that might help:
- Don’t avoid looking at your bank balance. It might hurt every time you log in to see those numbers and all the space for more digits or comas, but you can’t avoid your bank account. Personal finance expert Sarah Coles you need to “make a note of everything you have coming in at the moment, and everything you are spending.” Don’t just keep on spending like you always have, hoping it will all sort itself out. This is the time you should be cutting subscriptions, selling stuff you don’t need on eBay, switching to bargain brands for essentials, and using those savings to start a nice big emergency account.
- Get help if you need it.If you’re struggling financially, it’s better to admit it fast than to let it pile up. Ask whatever lenders you work with what kind of assistance they can offer. There’s a pretty good chance you’ll find some support from one of them or at least get a temporary break. Make a list of all the things you pay monthly, and pick a day to call them one by one to see who's going to be your new favorite service provider.
- Plan for the worst.The founder ofMoneyMagpieJasmine Birtles says “one of the things this crisis has shown is the importance of having a savings safety net.” You’ve probably heard or seen things talking about a “second wave” and who knows if that will happen, or what that would mean for the economy. While we all hope for the best, it’s also going to help you sleep better at night knowing that there’s a big pile of cash instead of a high-interest credit waiting to help bail you out.
Source:The Guardian