The Household Budget You Need to Fund Your Dreams
Are you spending too much?
Use our free Home Budget Calculator to estimate your spending and figure out how to save the money you need for a bright future.
Work out a Revised Payment for Debts
If you have debts like a mortgage or car loan, your lender wants their money back no matter what you're going through. They understand that you may be experiencing financial hardships, but that won't stop them from trying to get their money. Talk to the lender and see if there is any way you can revise your payment plan to make it more manageable. They may be able to lower your monthly payments. This can help you ensure the lender that you plan on paying back the money you owe while taking some of the burdens off of your shoulders.
Cut out Unused Services
Take a serious look at all of your entertainment and streaming services. Many people may have multiple services like Hulu, Netflix, or Disney+ that they pay for monthly, and may not even use them that often. While it's nice to have a lot of entertainment options, it can also be helpful to cut out one or two of the ones you use the least from month to month. When you're only paying a few dollars for each of these services, it can be tough to realize how quickly they add up to hundreds of dollars a year. Start by cutting out the service you use the least and wait a month or two to see if you really miss it. Signing back up for these services is often quick and easy, so if you need to, you can start using them again when you find yourself in a more stable financial condition.
Cook at Home
A couple cooking from home to save money as one of their better financial choices.After a stressful day of working and juggling household responsibilities, it can be tough to find the time to cook for you and your family. But the price of takeout or delivery can often be double what you're paying to make something similar at home. Try dedicating a few hours on your day off to meal prep, and find some quick and easy recipes that your family will love. When you find some delicious things that you love to make, cooking can actually become an activity that you enjoy and can use to unwind. And home-cooked meals are often healthier than their restaurant counterparts, making this a great tip for both your wallet and your waistline.
Hold off on Larger Purchases
Sometimes you can't avoid making larger purchases in the midst of a tough economic situation. If your washer or fridge breaks, or you need some essential repairs on your home or car, you might find yourself needing to dip into your savings. However, if you can hold off on making a larger purchase, like electronic items, cars, appliances, etc., wait until you're on solid financial footing. Before making a large purchase, think about if it's something you really need and really can afford. Give yourself time to think the purchase over instead of making an impulsive decision. If a few weeks pass and you still find that you'd like to purchase the item and are financially able to do so, you can go ahead and buy the item.
Negotiate With Your Landlord or Utility Providers
A large chunk of your monthly income likely goes to rent and utilities, and these are things that you can't exactly skip paying. Remember that even though bills don't stop, there are humans behind these bills who don't want you to be unable to pay. Talk to your landlord or utility provider to see if you can work out a repayment plan to take some financial strain off of you, at least temporarily. If you've been good about payments in the past, you'll likely be able to find some help here.
Defer Student Loans
Millions of adults in America are struggling to pay off their student loans. In some circumstances, you may be able to defer your loan payments temporarily. Of course, you should only do this if it's absolutely necessary, as you'll still need to pay back all the money you owe, but this can be a lifesaver when you're caught in a bind. Talk to your lender to see if you can defer payments for the coming months.
Make Better Financial Choices in a Tough Economy
Managing your own finances can be difficult in the midst of an economic downturn, but you can still make smart choices to prepare for your future. If you've been financially affected by the recent pandemic, there are resources available for you. For updated info on PrimeWay's operations and response to the Coronavirus, visit our website, or contact us to learn more.