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How to Shore Up Your Family Finances During Troubled Times

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In these days of economic certainty, it is understandable to feel anxious about your personal finances. Fortunately, there are a number of steps that you can take to put yourself in a better position to weather the storm. Here are six proven ways that you can shore up your family’s finances during troubled times.

Scrutinize Your Budget

The first step in getting yourself through a financial crisis is to make sure that you understand where all of your current money is going. You may be surprised to see how much money you are wasting each month. By analyzing your budget with a fine-tooth comb, you will find ways that you can bolster your overall financial picture. This may be challenging to do, but it is important that you are honest with your assessment if you want to save your financial future.

Eliminate Non-Essential Expenses

Once you have a clear picture of where your money is going each month, you can begin the process of eliminating non-essential expenses. Examples of expenses that are worthy of getting the cut include your daily latte, gym memberships, eating out, vacations and other non-essential travel, and television streaming options.

You can also consider simply cutting back on some pleasures to a more acceptable level. For example, maybe you only need one streaming service instead of three? Or perhaps you want to limit your eating out to just once per week instead of lunch out every day. Once you get in the habit of being more intentional with how you spend your money, you will not feel as if you are missing out.

Examine Banking Fees

You may be paying more than necessary for essential banking fees. You can find service providers that will automatically negotiate banking fees so that you have the confidence of knowing that you are not paying too much.

The unique artificial intelligence of this kind of service can automatically identify fees and begin negotiating for you to reduce your rates. This service will also help you to more effectively manage your debt, a key component of keeping your finances in check. In troubled economic times, it is vital that you carefully scrutinize all of your fees to ensure that you are not overpaying.

Always Be Looking for New Job Opportunities

In times of economic uncertainty, it is vital that you keep your income stream steady. In addition to working hard to keep your current job intact, you should always be on the lookout for potential new opportunities.

Being intentional about keeping your resume updated and your contacts fresh will ensure that you have options if you happen to lose your current job. A combination of working to safeguard the work that you currently have while also working your network contacts will provide you an extra layer of security.

Explore Side Hustles for Added Income

With the recent explosion of side hustle opportunities, it is easier than ever to secure a new part-time job. Starting a side hustle will give you the flexibility of earning extra money in your spare time on your own terms.

Good side hustle ideas include providing childcare, tutoring students online, being a rideshare driver, and delivering groceries or fast food. You can then add this money to your emergency savings account, giving you peace of mind for the future. The key is to work as hard as you can during stronger economic times so that you can save for the inevitable downturns.

Look into Refinancing

During periods of economic crisis, it is not uncommon to see interest rates drop significantly. Savvy financial consumers use this time to look at their existing accounts to see if they can refinance at a lower rate to save money. While most people look at their mortgage to see if they can save money, you can also examine any existing car loans. As long as you have good credit, it is generally easy to qualify for the reduced interest rates.

A time of economic crisis is not easy for anybody to handle. However, with the right plan of action and the proper tools, you can help to mitigate the damage done to your family’s overall finances.

Tim Esterdahl

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