Many of us are anxious about our finances these days – and for good reason. COVID-19 has impacted our lives in more ways than one, including our financial wellbeing. People have seen their income change and expenses rise since the start of the pandemic, instilling a sense of worry. However, that doesn’t mean we should stop making smart financial decisions, though. Just because we aren’t sure what the next few years might look like doesn’t mean we can’t stop preparing for whatever those years might bring. If you’re wondering what you should be doing with your money right now, here are a few financial moves to consider.
Smart Financial Considerations
1) Know where your money is going
If you haven’t done so already, take a look at your expenditures. Once you know how your earnings stack up against your monthly outlay, you’ll be better prepared to make smarter choices.
2) Determine your budget
Ask yourself if there are any areas where you cut back, such as a streaming service you no longer use or clothes you buy but never wear. If you can remove unnecessary spending from your budget, you will be one step closer to reaching your goal. Also, determine if you can afford to put more in savings every month.
3) Automate your savings
If you don’t see a portion of your paycheck go directly into savings, you won’t be as tempted to spend. Most online banking programs make it easy to create automatic savings transfers so that you don’t even have to think about it every month.
4) Plan for the unexpected
COVID-19 taught us that we need to be prepared for anything, such as higher health care costs, six months’ worth of replacement income, or even the unexpected loss of a loved one. Saving for the unexpected as well as having the proper insurance protection, will give you peace of mind.
We hope that these tips help you to make smart financial moves throughout this challenging time. For all of your personal and commercial insurance needs, contact the team at J. Archer Insurance Group in Houston, Texas.