Talking about how the year of 2020 and 2021 has affected everyone financially, familiarly, and not forgetting working places and jobs furlough or even companies ending the contracts, this has open some minds and eyes to what was wrong and to what was missing, plus how we economically should have a bit of money on the side.
Many people don’t have a good job or had previously, which lead them to live day by day on the present (I’ve been there), which led them to not having backup money during this pandemic, and they probably are leaving their homes and goodness knows how they subside (hopefully with the help of family and friends, or government helps), but many don’t have help.
Resetting this, in the next future, we can start controlling a bit our finances by making some adjustments on our own, and see where we can tight the “belt” a bit and think about the future.
How is your net worth
Ever heard that phrase that says: you’re worth it? And it’s not L’Oreals’. Know your total worth of you and your life.
Pick up your money on your accounts, those coins missed on your sofa or pockets, see what your car and place is worth and gather your art and jewelry (call them an investment, remember nothing is worthy to buy like proper Gold), but is always best to have a Credit Counselling and get an idea of what you really have and what you can do.
Goals and savings
Nothing is more stimulant than wanting something (normally expensive) and work to get the money to it.
For example, you want a new pair of Jimmy Choos or a Birkin Bag, or even you want to get away to the Maldives fully inclusive. Or should I say: Have enough entry to buy your own home.
Check what you owe, see how much can you save per month, and start working towards what you need and deserve.
Every parent thinks about this once their kid is born. We, as parents want to offer our kids what we had or better, or even things we wanted, but unfortunately our parents couldn’t afford to give us. But, and I speak of myself, College is a very important thing to think about as colleges are expensive.
You can turn into a Debt Consolidation and check how much you can add to the College savings account you have for your child and see what and during how long you can pay or help them pay. The College fund is not only the years in college tuition but is also a help on where your kids can live (if the college they want to get in is away on the other county) and also a bit, so they can have proper meals and clothing, books, etc.
Electricity or water
Every time we think we are spending too much electricity or water, we reduce consumptions and then comes the bill and says: “Bud…there is no escape from me”.
A good tip for home or office is to try and buy A+ appliances, gadgets, etc, to reduce your bill. Even though those appliances are more expensive, it’s a matter of thinking in the future, as you will get a good return on your bills. It’s a matter of choosing your way.
Set healthy goals and reduce
With so much information, socials media, news and so many reports, setting healthy goals might save you some cash.
Let’s pick up the smoking issue: did you know that if you smoke a pack per day, in 10 years you would have spent more than 20K? Now reverse it and if you quit, and still put that money on the side plus a clean health bill, you will have more than 20K on your account! (and no internal damage…plus clean teeth and breath!).
Check for help online for your budget and getting counseling. There are several types of websites with financial help online. What is your goal now?