The 2020 quarantine has been tough on everyone. No matter your financial situation, you need to be thinking about the future. Whether you have tens of thousands saved away, living paycheck to paycheck, or are one of the millions of Americans currently on unemployment, you need to be doing all you can to have a stable and secure future.
Here are some great tips to trim your monthly expenses and save more for your future:
Work with a financial advisor
Unless you went to college for finance, you could certainly use some tips from an expert. Financial advisors can help you visualize your financial goals and provide you with the necessary knowledge to actually take steps toward achieving them. Additionally, they’ll help you and your family craft a detailed and realistic budget that will keep you from falling into financial peril.
“When you have a budget, you have control over your destiny,” said Dave Totah, a certified financial planner and senior wealth advisor at Exencial Wealth Advisors. “When you fly by the seat of your pants, the outcome is never that good.”
Sell everything you don’t need
Take a look around your home. Chances are, there are dozens of items on your property that aren’t being used but actually have value. Have old art pieces in your basement? What about that video game system gathering dust? There is a market for everything out there. Consider listing all those items on Facebook Marketplace, Craigslist, and other online retail sites. Similarly, once the quarantine is lifted, a garage sale is a great way to free up space around your home and earn some extra cash.
Take care of your vehicle
If you’re not careful with your vehicle, you could end up spending a fortune on repairs and other expenses. You should be focusing on daily maintenance when it comes to your car — not just once something goes wrong. Staying on top of your vehicle’s regular maintenance will avoid costly issues down the road. Vehicle neglect can lead to auto corrosion, which results in about $276 billion a year, according to the U.S. Federal Highway Administration.
Safe driving is crucial, as well. In 2017, the Ohio State Highway Patrol reported 379 fatal crashes related to operating a vehicle while impaired (OVI). Obviously, you should never get behind the wheel after drinking, but you need to do all you can to drive safe 100% of the time.
Take care of your home’s appliances
You need to make sure that every appliance inside and outside your home is working properly and is thoroughly cleaned. Equipment cleaning is governed by four fundamental principles, including chemicals, temperature, mechanics, and time. Hire professional contractors if you’re not entirely sure about caring for certain appliances, but make sure they are being cared for.
Negotiate better rates on your bills
Take a look at all your monthly expenses (with your financial advisor) and start coming up with a plan to lessen the blow. Call your internet provider, cable company, insurance provider, and cellphone carrier and renegotiate your rates. This can help with your daily stress and significantly lower your monthly expenses.
Plan out all your meals
A little meal preparation can go a long way. No more expensive dinner dates or ordering takeout every other day. Instead, do a little research before you head to the grocery store and plan out a great shopping strategy. Once you have everything you need for the week, it’s time to prep all your meals. It’s timeconsuming, sure, but it’s worth it and it will help you save money and eat healthier!
Times are tough for everyone — but we can get through this. With some smart financial planning, you’ll be on your way towards a successful and secure future.
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