Financial Health

In this fluctuating economy, its essential to take steps to protect your financial future. Here are some considerations to take today to save you from budgetary burdens tomorrow.

1. Prioritize Your Expenses:

The first and most important step to safeguarding your savings is to decide which bills are most vital to your livelihood. Rank them from top to bottom according to need-to-live and nice-to-have. Be sure to consider any penalties you would incur from a late payment.

2. Cut the Excess:

Once youve prioritized your expenses, youll have a good sense of what you need and dont. Anything that falls into the latter category should be discontinued later, and anything considered a necessity should be revisited each month to ensure it still belongs there.

3. Try Negotiating:

Many bill collectors show extraordinary empathy from landlords to cable providers during these unprecedented times. If they cant defer or reduce your fees, they may be willing to add another kind of incentive to show good faith. The adage goes, Youll never know unless you ask.

4. Consider Your Credit Cards:

Whether recurring or one-off, charges can add up quickly to your credit card statement. Take the time every week to review your statements in detail and identify those one-off charges that are adding up. Then, consider which recurring bills are worth keeping and which should be cut. Consider calling your credit card company to renegotiate annual fees or interest rates.

Additionally, dont forget that refinancing your mortgage or shopping around for better rates on home insurance may lighten your financial burden. If youd like to learn more about the low-cost, high-value options available through me Keller Mortgage and Keller Covered shoot me a text or phone call any time.