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Tips for Dealing with Economic Instability in 2020
Communities across the U.S. have been significantly impacted by the COVID-19 pandemic, and areas that were already within the margins of society are even more vulnerable. Getting out of poverty is a multifaceted issue, and more Americans than ever before are struggling with experiencing this lifestyle change for the first time.
For those who are faced with a dramatic decrease in earnings, employment, or other resources - there are some things available for a little extra help during a time in need.
Here are some current tips and tricks for those nearing or experiencing economic instability in 2020.
Constantly Seek Financial Education
Whenever possible, the more you’re able to learn about how to effectively manage your money - the better off you’ll be in the long run. Successful budgeting and time management are key for making any salary amount cover life’s expenses.
In most cases, an internet connection and mobile device is all you need to learn about financial health and wealth building. Additionally, plenty of free resources like libraries and community centers allow internet access at no cost.
Free educational videos can be found throughout the web, via sites like Instagram, YouTube, and LinkedIn, that are available to teach individuals about topics like:
Even before you have a plan or funds set aside to start a new venture, consider researching all of your options to maximize the value of your initial investment.
Adopt a New Money Mindset
You’d be amazed how much money the average consumer spends based on the opinions of their peers - and even strangers on the internet. Consumerism affects people across every income tier, but how you think of money can have a huge impact on how you spend.
In order to assess where you stand with your money mindset, ask yourself these questions:
How much money do I have in all accounts?
Do I own assets? If so, how much are they worth?
How much do I owe?
How much do I spend on luxuries and discretionary shopping every month?
How much do I bring in every month?
Can I reduce any of my current bills?
Understanding how you’re using money now can help you identify areas to cut back and save immediately. Then, you can accurately build a tighter budget based on any gaps that can be minimized.
Are you eating out when you could be cooking at home everyday? Can you put some money toward a new investment or money-making venture? Can you allocate any money to an interest-earning account?
No matter how small, all of these adjustments can make a huge difference.
Get a Trusted Opinion
Whether you’re a seasoned investor or you’re just getting started in your financial wellness journey, getting a educautated opinion can go a long way toward helping you make the best decisions for your individual situation.
There are free resources for consumers who can’t afford to hire a financial advisor. Automated saving platforms through banks and robo-investing sites are typically free, and provide all of the basic resources needed for anyone to create an effective financial growth plan.
Simply create an account with one of these online services, and connect your respective funding accounts to start measuring your activities and trends.
Income aside, financial education and preparation is any worker’s best defense against economic instability. From title loans to debt forgiveness programs, there are a variety of resources available for individuals with any credit or income level. No matter how much you make, these tips will help each dollar go just a bit further toward your financial goals.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes