Will we see another stimulus check this year? We asked the magic eight ball because Congress doesn’t seem to know either, but it keeps telling us to ask again later.
Here we are think We are now: In the first week of October, the President halted the economic talks until after the elections. Later that day, he might have changed his mind. Now we’re hearing about the possibility of a stand-alone stimulus package, but a compromise between our senators seems like a political fantasy. Really, everything seems to be in the air right now.
So instead of shaking a plastic fortune teller ball again, let’s take our finances into our own hands. Prepare for the worst – hope for the best. Here are some surefire ways to give your emergency fund some breathing space:
1. Make a budget
That might sound like Personal Financing 101 – but that’s because it is.
With jobs ahead, with the stock market keeping us on the sidelines, and daily costs rising, now is the most important time to stay on a budget. By on budget or under budget, we can keep our emergency fund intact and keep our long-term savings on track.
One of the easiest ways to keep your budget in check when your hours or salary has been cut is the 50/30/20 method.
This is how it works: If you still have a monthly income, divide the post-tax amount in half. This is your most important budget (50%). Take the rest and break it down into personal expenses (30%) and financial goals (20%).
After you’ve divided your expenses, see what you can limit, eliminate, or pause until you’re back on your feet. Pour that extra cash into your most important things (like rent, utilities, groceries) and financial goals (like your emergency fund or extra payments to reduce debt).
Find the balance that works best for you and stick to it.
If you are currently out of income, list your current expenses and decide what is important and what is optional. Cut what you can to make the smallest dent in your savings account possible.
2. Reduce expenses
Although some of your monthly bills are set in stone like rent, there are many other necessary expenses you can cut down to replenish your bank account. Some can even be permanent fixes. Here are just a few ideas to get you started:
Swap grocery stores
Yes, whole foods delivery is incredibly convenient, but you could save hundreds by shopping at cheaper stores weekly. Try to pick up your food at places like Aldi, Trader Joe, or Walmart. If this is not possible, many other stores will accept competitor coupons. So don’t throw these Sunday side dishes away yet.
Limit energy consumption
Electricity bills can skyrocket during the hottest and coldest months, largely thanks to the use of our air conditioning and heating. By opening windows and using fans, or using your fireplace and cozy ceilings, you can limit the use of the largest energy suckers and reduce those costs.
A few little things that can add up over time are unplugging appliances when you’re not in use, turning lights off when you’re not in use, and taking quicker (or less hot) showers.
Car insurance prices are fluctuating and you are likely paying more than you should now. Since you don’t have a binding contract, check with other providers to see if you can get the same coverage for less money.
If you’re not a DIY enthusiast, there are plenty of apps out there that will do it all for you. Get itFor example, if you find a cheaper plan, switch to your new provider on your behalf. The average user saves more than $ 800 a year – that amount would be of great help right now.
3. Consolidate Debt
When you have credit card debt, the interest payments your credit card companies charge can cost you thousands of dollars.
There is a way to get rid of that credit card debt and save you the insane interest payments. It’s called Debt Consolidation and it’s called a Free Website AmOne could help eliminate all of your credit card debt by the end of the week.
AmOne compares you to a low-interest loan that allows you to pay off all your credit cards at once. Interest rates start at 3.49% – well below the 20% or more you are likely to pay with your credit card company. Again, this could save you thousands in the long run.
Plus, you are debt free The much faster.
AmOne keeps your information confidential and secure, which is why after 20 years in business it probably still has an A + rating from the Better Business Bureau.
It takes two minutes to See if you qualify online for up to $ 50,000.
This article originally appeared on www.thepennyhoarder.com