Our partners at GreenPath Financial Wellness have provided some key ideas about saving – whether you're setting aside a few dollars each week for an emergency fund, or whether you're planning for a larger expense like a car or home. Saving during a pandemic introduces a few challenges as well.
For most of us, COVID-19 has changed our day-to-day routines as well as our finances.
Regardless of this uncertainty, there can be some positive things you can do with your money.
In stressful and uncertain times, it can feel like things are out of our control. One of the best ways to get back on track is to create a specific goal. That goal may be to take the step to create a spending plan, or perhaps it is to create a grocery list. Setting a goal is the best way to motivate yourself to take action.
Make a Plan
In the last six months, we have learned that change is constant. Take time to create a spending plan for your next paycheck. It is ok if you do not have a plan beyond that. If you need assistance, GreenPath Financial Wellness is here to help.
Negotiate Your Auto Insurance
Many of us are driving less than ever. Make sure you are getting the best auto insurance rate by taking the time to compare multiple car insurance quotes. You can also call your current policy provider and ask them what discounts they can provide.
Think about everything you have subscribed to. Make a list of all of these subscriptions. There are many apps currently available to aid in this process, such as TrueBill and Trim. Also, be sure to include any non-virtual subscriptions, such as magazines, newspapers, meal delivery services, etc.
Once you’ve identified the subscriptions you aren’t regularly using, take the step to cancel the subscription today, so it does not auto-renew.
To explore this topic further, check out financial lessons people have learned from the pandemic.