Money management tips During uncertain times, it is important to remain calm and centered to make decisions with the best information possible. It’s wise to express any emotions you may have with a trusted family member, friend, or licensed therapist and use your network of professionals to help guide you. Visit Mint Easy Budgeting Tips
Have a plan Creating a budget or financial plan can help you gain more clarity about your finances, especially during times of economic uncertainty. Creating a plan through Mint or with a financial planner, will help you so that you won’t need to react as much to unforeseen circumstances.
Review your plan If you have a financial planner, speak with him/her about a plan. You should review your plan during times like this to ensure you are doing the right things with your money. If you don’t have a financial planner, look for free services available or check out www.cfpboard.net to find a planner who fits your needs.
Cut expenses Review your budget and cut out any unnecessary expenses. The Mint App can help you do a deep dive into all your monthly expenses to see if there is anything that you can cut. Perhaps memberships or subscriptions you no longer use? Any freed up cash can be spent towards essentials or another financial goal. Mint for iOSMint for Android
Refinance Consider refinancing debt to get lower interest rates. The Federal Reserve has lowered interest rates and also increased the amount of short-term loans it offers banks to keep cash flowing smoothly. This could affect interest rates on credit cards or other personal debts but make sure to talk to a professional as it does not always make sense to refinance debt nor does this mean that mortgage rates will necessarily go down. Do your research and make sure you understand your options carefully. Learn more on the Mint blog
Generating extra income If money is tight right now, look for ways you can potentially generate supplemental income. For example, capitalize on your talents. Look into monetizing skills you already possess, such as blogging, starting a virtual store, or offering handyman services. Leveraging your credit card rewards can also be a helpful way to offset costs as long as you manage your credit responsibly. Lastly, selling any of your used or unopened items you may have lying around your house can often lead to earning a few extra bucks. Learn more ways to generate income on the Mint Blog
Additional tips and tricks for money management As stay at home orders persist, the likelihood of households needing two or more cars is becoming less. If you’re looking for a way to save, consider downsizing to one vehicle in order to save money on insurance, you could potentially even recoup a profit from the sale itself. Pro tip: If your car has its fair share of miles on it, it can potentially be sold at a local salvage yard for cash or donated to charity for a tax break! The 50/30/20 budgeting rule may also be a helpful guide on how to save, even during a crisis. Start by allocating 50% of your income to essentials, 20% towards savings, and 30% (or less) towards wants. In order to continue to budget and save where you can, take a look at whether any subscriptions can be canceled, services be bundled, or “wants” be eliminated. Learn more on the Mint Blog and The 50/30/20 Budgeting Rule