Like we have seen in part one of the series, the economic collapse which has led to so many job cuts, salary cuts and unpaid leaves have put many families and individuals in serious financial hardship. Many are truly finding it difficult to cope this period because there are no jobs and no money coming in. I mean the journey has been very rough for many. However, in times like this there is always a way out, which is why I decided to share with you 15 TIPS ON HOW TO MANAGE YOUR EXPENSES.
So, I will be starting with the next tip:
RE-CHECK YOUR PHONE PLAN
This might not be for everybody because the phone plans vary in different nations and not many people are using a phone plan. But, if this concerns you, do have a recheck on your phone plan and be sure it is not causing you to spend extra money. If it does, it is best either take a more affordable phone plan or change your plan to a prepaid where you pay as you go. Whatever it is that will work with you should be done.
PUSH HOLIDAY PLANS TILL FURTHER NOTICE
Again, this might not apply to everyone, but if you are listening and have always been in the habit of going on vacations every year, you may have to push it till further notice. First because travelling this season is very tedious and risky. Secondly, because travelling right now would cost you a lot of money. So, it’s better to plan it for another time when the condition is favorable.
TRY TO TALK TO YOUR CREDITORS ABOUT YOUR CHECK
If you have debts to pay, and you are currently experiencing salary cuts or unpaid leave. It is good for you to speak with your creditors and so that your payments can be restructured. Let them know that this is what you are facing, and they will be willing to come up with suitable repayment plans, because they know that the world is battling a financial crisis right now. Be opened to them and don’t hide any details because this will help them to come up with a perfect plan for you. Obviously, they won’t waive it for you, but they should be able to come up with a better plan for you. And if you are able to still continue with your repayments, then make sure you pay early and don’t delay the payments, so that you don’t fall victim of late payment fees.
BE MINDFUL OF HOW YOU USE YOUR CREDIT CARD
If you have a credit card, this is one period you have to be very mindful of how you use your card because this will help you to save up money. Earlier people would use their card the way they want because they know that at the end of the month, they would receive money to be able to pay back. But in a situation where you know that there is nothing coming in or what is coming in is very small, it’s better not to use your card much so that you don’t incur bills. However, if you are trying to take advantage of some cash backs and all, then you can go ahead and use the card but be mindful of your usage.
LEARN THE ART OF NEGOTIATIONS
Again, this is one thing you must do to manage your expenses, when you want to buy something before now, it is okay to just pay after you have been told the price for that thing. But now that there is a situation on the ground, it is best you learn how to negotiate. Try to see how the prices given to you can be reduced. I know that it might not look like a legit thing to do, but trust me, negotiations is currency itself. If you master the art of it, you will be getting discounts at all times and this will help you save some bucks. So, consider negotiating as it can save you a lot of money.
LOOK FOR WAYS TO ADD TO YOUR INCOME
While it is good to save up money and reduce expenses, you must always remember that money spent is gone, it will never come back and as long as you keep spending and not getting, one day all that money you are spending will be over. So, to avoid this, it is good for you to look for ways in which you can add to your income or make extra money. Beyond your job, there are lots of other things you could do to earn extra but you have to give attention to it to discover the other ways. It could be selling digital products online or learning how to do digital marketing for others or rendering some services. But whatever the case may be, you have to strive to add to your income because this is for your own good. And if you get better at it, you could quit your job and focus on it.
PAY ATTENTION TO YOUR HEALTH
Again, this is another important thing you could do because a poor health could make you spend such an amount of money that you did not bargain for. So, you must be careful what you eat, when you eat and how you eat. Avoid anything that will affect your health negatively because anything that affects your health negatively, will ultimately affect your finances negatively.
REVIEW YOUR HOUSING
If it comes to that point where your rent is very high for the kind of income flow you have now, you will need to review your housing. The reason is because you got that house, when your income is stable, but now that there has been some cuts or not money at all, it will make a lot of sense to actually look for something that you can afford, something that is within your earning capacity. I know that it may not be comfortable for you, but trust me, it will save you a lot of money. And remember its only for a short period.
BONUS POINT: BE HOPEFUL AND OPTIMISTIC
Finally, this is something you have to be mindful to be mindful about. Being hopeful and optimistic is an inner quality that can change your life completely. It will help you scale through that situation without having to break under the pressure. So, I encourage you to be hopeful and be optimistic. Keep pressing on and keep fighting knowing well that what you are going through is only a temporary situation. If you hold on long enough, you will surely scale through and get something better.
So, that will be all for this article, if you have gotten value from it, don’t forget to drop me a comment and let me know you biggest take away from this article and don’t forget to subscribe to my blog, so that each time I post a new article you will be the first to receive it
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Until I speak to you again, keep in cracking the money code. God bless you!