In the time of this pandemic, we all would like to feel a little more in control of our situation. In that spirit, here are 3 tips on how to take control of your money now.
Tip #1 – Cut out unused expenses.
Some expense reduction may be coming naturally right now such as saving money on dining out since many restaurants are closed and we’re staying home. But consider other opportunities such as:
- Reduce the data on your cell phone plan. If you’re at home primarily using wifi, you probably don’t need the extra data plan you are paying for right now.
- Cancel unused subscriptions such as TV, news, professional. If you’re not using these (especially now while cooped up at home), then cancel them. If you have lost track of which subscriptions you are paying for, take a gander at your last credit card statement to jog your memory.
Tip #2 – Look into a student loan refi to lower your interest rate.
Interest rates have dropped recently for consumer lending. This is great news for those with student loan debt, as refi. opportunities exist at near 3% (the lowest I have ever seen it). Visit credible.com to evaluate your opportunities to refinance student loans and other debt.
Tip #3 – Evaluate whether to rebalance your investments.
The market has taken a serious tumble in the preceding weeks. Many are touting this as an opportunity to buy while prices are low. Perhaps you don’t have the money to spare right now to buy in or fund that Roth IRA you were hoping to. But if you do have investments already in place (such as retirement accounts like a 401(k)), now is a good time to evaluate if your ideal investment mix between stock and bonds has shifted…and it likely has. Rebalancing allows you to make rational and beneficial adjustments to your portfolio instead of overreactive and emotional responses (like selling stocks while the market is down). For guidance on rebalancing, go to vanguard.com.
Maintaining physical and emotional health is the utmost priority right now while waiting out this pandemic. But be sure to tend to your financial health also and take control of your money.
Here’s to your health all-around.
For more advice on how to control your money, visit: