Who would have thought that we’d be here right now, still living in the thick of a global pandemic?
But here we are, and there is no telling when we’ll be out of the woods. Regardless, you have the means and the ability to ensure you and your family’s financial future is secure by saving money now.
How? Here are 3 simple ways:
1. Plan to save & budget
Whether you’re working or you’re still claiming unemployment, there is no time like the present to plan a budget. Take a look at your family’s monthly expenses and analyze where you can cut out some spending.
Use some of the extra time you may have to shop around for a better deal. For example, you may have previously felt pressured into signing into a contract with a company because you lacked the time to do sufficient research for deals. Now that you have the time, look into where you can get a better bang for your buck and make the switch.
2. Think smarter
If you’re in need of a more significant amount of money, you may be interested in taking out a loan. But don’t be fooled! Interest rates can be high and may leave you owing more money than you intended.
Our advice: Don’t accept the first loan offer you find. Do your best to find a personal loan with a low interest rate, generally around or below 7%.
Additionally, you may want to look for items around your home that you can sell. This can provide you with some quick and unexpected cash, not to mention it’ll help to declutter your home!
3. Transfer debt
If you still have a steady income and are working to pay off your credit card debt, you may be surprised to learn about how much you are spending in interest. To save some money, you can transfer your balance to a credit card with either a 0% or lower interest rate. So instead of wasting time paying for accrued interest, you’ll be paying the principal balance quicker!
These aren’t the only ways you can save money during a pandemic – tax planning is essential! If you’d like to develop a tax plan tailored to your circumstances, contact us. David Alfano & our team of tax professionals would love to help you save now for your future!