Guest post by Alex Berger.
Right now, a lot of people are under a massive amount of stress when it comes to their job, smart financial decisions, and really – everything. We are really living through a crazy, historic time right now. Nobody really knows what tomorrow, or next week, or next month is going to look like. We hope that gas prices will lower, that the housing market will become a bit more reasonable, and that grocery prices do not continue to rise. It is so important to make smart financial decisions during these uncertain times.
However, hoping is just not enough, though and you really have to act in order to protect yourself and your family. One great example of this is protecting your finances. If there is anything good about this time, it’s the fact that it’s a really great eye opener for a lot of people. It is showing that you can never be too prepared financially. If this screams your name, then keep reading, because I’m sharing smart financial decisions to make right now, in order to help get your finances back on track and/or prepare for the future:
Pay off Credit Cards
This is a big one when it comes to preparing. High-interest credit card debt is never a good thing to have and as long as you have it, those debts will be hanging over your head. In fact, they will be a huge weight on your shoulders. High-interest credit card debt is hard to keep up with and if you let it get away from you, soon you will be paying huge payments every month. Figure out a plan when it comes to paying off credit cards so that you can be financially prepared in the future. When you do this, you will be so much less stressed! Pro tip: right now, you can get great interest rates on lower-interest loans. Consider taking a low-interest loan to pay off higher-interest debt. This way, you can tackle it faster and pay less in the long run.
Save
I’m not sure that I really need to write much under this paragraph, but here we go anyway. If you have not already, make sure that saving is a top priority in your life. You should always have a rainy day fund, as well as enough saved up as a buffer, just in case you lose your job or we go through another pandemic such as this. What we have learned from the past 3 years is the fact that a one-month buffer (savings account) is just not enough. That’s why some people recommend three or six months worth of payments in a savings account. Personally, I recommend six months…or more, if you can swing it. Pro tip: you can mindlessly save if you have your bank automatically take a few dollars out of your debit card for each purchase that you make. This will help build up your savings (slowly, but it’s something) without you having to think about it!
Sell Your Home
Now, this one is not possible for every single person, but if you are planning to sell your home, you could make some serious bank off of it right now because of how wild the market is! If you do plan to sell your home, that also means that you will be buying a home (or moving to an apartment). This means that you will definitely want a good team supporting you! Anything from a real estate team, to movers, and everything in between. If you are in Texas and need a great moving team, Texans Movers is highly rated. They do labor moving Houston, apartment moving, senior moving, antique moving, storage, packing, and more. This team will work hard to do the heavy lifting for you, and when you hire them, you can expect customer-focused service, fast and efficient moving services, and of course, competitive pricing. They have 14 years of experience, so you can rest easy knowing that they’ve seen it all during past moves.
Purchase A New Car
Car dealerships are wanting to move their cars. My friend received a call the other day asking her to consider trading in her 2019 for a 2022. She inquired about it (remember, it never hurts to inquire!) and she ended up going through with the deal because of the great savings. Sure, my friend is paying a few extra years on the car, but she also went from 30,000 miles to 5 miles, she got a much lower interest-rate on the loan, the car is obviously upgraded, and she got a much better deal on this car compared to her last. She is paying over $100 less each month too. Not too shabby! Pro tip: play the game when you are buying a car. They need your business right now, so do not jump at the first offer they give you…unless it’s a REALLY good one.
If you are looking for more great life and home tips head on over to check out, Tips for cleaning Your Home.
I’d love to hear from you! Please drop a comment below if you have any topics or ideas you’d be interested in hearing more about.
Have a super week!
XOXO,
Cindyh
