COVID-19 has created a financial mess for people's income, savings, investments, and significant life moments. We are here to help you figure out what saving could look like when the future's uncertain. Probably the last thing you want to think about during a crisis is working on healthy financial habits like saving money. But if you can save, you can make your eventual recovery easier. Every time you put some money away, you are looking out for your future self.?
During these uncertain times, it can be easy to feel overwhelmed, especially when it comes to your finances. Whatever your situation may be, these tips mentioned below will help streamline your financial planning and manage your budget to help you stay on top of bills, save money and work towards your financial goals.
Track every pound you spend. It is a foundation for a significant saving. Even if you are doing generally well financially, it's essential to keep checking where your monies are going. You can use the assistance of the various mobile app available to help track your expenses. The combo of a good old-fashioned pen and paper also works, whatever method provides the least barriers for you.
Next, review your finances regularly. This step is key to ensuring that things are running smoothly and keeps you from overspending on somethings like an overdraft or late payment fees. Even if your budget works well, it is essential to look under the hood and check in every week or two. You do not want to be looking so often that it becomes an obsession, but often enough that you will catch any mistakes.
You can only spend your money once. When you are tracking your spending and looking at the big picture regularly, you will be more aware of what you are doing with your money and can make more empowered decisions.
For example, if you don't care about buying takeout, there's no need to spend money on that if you would rather be using the funds to work toward your savings goals or building an emergency fund.
If you can afford it, save a little money. Think of it as paying yourself first. Having power over your finances is all about planning, and a lot of that power comes from having some money saved for when you need it. Even if you are not the planning type, you can automate your savings account to do this, so you never have to think twice about it. You do not need a lot; even £10 or £20 a month can do it. So, if you have that money, try to put it away.
A brilliant way of saving a little extra is rethinking your investments. It would not hurt anyone to save a little on consumption bills, groceries, fuel etc. A consumer can save hundreds of pounds if he/she invests into an energy provider that provides the lowest tariffs for energy supply.
If you have accumulated credit card debt and are experiencing financial hardship, look at your card terms. If you must carry a balance, make changes on your lowest rate card, so you pay as little interest as possible.
Learning how to manage your money does not end here. Seek information from additional resources to help you become more financially stable and resilient during COVID-19. Whether you need advice on paying rent and utilities, finding free health, fitness, and wellness services, working with financial institutions to explore your options, or applying to government relief programs, we have got you covered.?