When you are living paycheck to paycheck, financial freedom and security can seem like an impossible cliff. How are you supposed to pay down debt when it seems like every time you turn around something is costing you yet more of your hard-earned cash?
While states continue to struggle with managing the COVID-19 outbreak, the majority of the US has begun to “re-open.” Many businesses and people are attempting to get back to whatever semblance of normalcy they can achieve while following state and local guidelines for social distancing, cleaning, and operations. And, despite signs of a recession, the stress of confinement and change up may lead some to overspend once they feel a modicum of “freedom.”
Financial inequality can strain any relationship. Whether it is your neighbors, your family, or your close friends, making more or less money than those around, you can cause discomfort and jealousy. These feelings often lead to spending patterns that are unhealthy and damage long-term goals. No one should sacrifice financial security to satisfy or match someone else’s lifestyle.
Have you ever looked at your (lack of) money and wondered where it all went so fast? You’ve taken steps to minimize impulse buys. You’ve created a budget to fit your household needs. What more can you do to help carve out some extra wiggle room?
Fireworks are a mainstay of celebrating the independence of the United States. However, they are also a main source of hospital visits for the month surrounding the holiday. And right now, a hospital visit is not only a potential health risk, it can also be a major blow to your wallet.
Children offer us an unfiltered look at how our brains react to sales and marketing. When they see something that strikes their fancy, they want it right then. Toddlers, especially, show little patience or consideration for the cost or longevity of the item they desire. Yet, should their whimsy be indulged, the thing they “needed” at the store often gets discarded in short order.
We’ve all spent at least a month in quarantine. Fairs, concerts, playgrounds, movies, and more have all been delayed or completely shut down. Schools have closed. We’ve all be forced to see things from a new perspective. Rather than a waypoint between activities and a place to rest our heads, home is now where we all have spent most of our time.
While we are all a bit relieved to see quarantines being eased, there are some lessons about life and frugality that we should take away from this experience.
Death is an unfortunate fact of life. Yet few people include this sad event in their plans for the future. The assumption is always, of course, that you have years ahead of you.
But what happens to your household finances if the worst were to happen? Here are steps you can take to help alleviate the pressures and ensure some level of stability.
Is there a danger in providing your financial information to a third-party budget application? The short answer is “yes.” But the benefits may outweigh the risks when done right.
If there is anything the COVID-19 pandemic has taught us about finances, it is the importance of having an emergency fund. In April 2020, the number of unemployed persons who reported temporary layoffs hit 18.1 million. Those individuals reporting permanent job loss rose to 2 million.