The last two years have forced millions of people around the world to make tough financial decisions. We experienced the most hard-hitting global health crisis that has ever taken place. The economic recovery is now showing positive signs. So, how should you save the money you have earned to meet the challenges that global crises gave birth to?
No matter where you belong on the spectrum — the ones who have got better salaries or continuing in your job with your old salaries, or without a job — you can still manage your money and take care of your finances.
Figure out where you are at
Regularly analysing and checking your finances is extremely important and even more so during a pandemic-like crisis. So much of our ‘normal life’ has changed and surely it has affected both, how we save and spend our money. Take time to go through your expenditure and saving accounts and note what and how much you have been able to save, how your spending pattern has altered, and what debts have piled up since the pandemic.
According to financial advisers, analysing your spending is the wisest move right now, as it shows if funds can be allocated toward savings, or whether there’s a need to realign spending on things like entertainment and groceries. You should be able to make adjustments to your expenses if there’s a major change happening in and around you. If you are someone who relies on technology for spending and managing your accounts, the whole process becomes easier.
When it comes to social security benefits, the first step remains to always look for ways to free-up cash. Typically, the biggest impact comes from big-ticket items like transportation or housing. At the same time, small fixes such as cooking at home or making coffee for yourself can also help over time. We…
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