Financial Concerns? Tips To Weather The Storm
The economy is a constant rollercoaster. Price hikes and stagnant wages can cause anxiety when it comes to financial stability. When this type of anxiety occurs, it’s important to figure out how to weather the storm.
If you’re concerned about the economy, you can get your finances in order to provide peace of mind. Here are a few tips to help navigate a fluctuating economy:
Take Advantage Of Government And Private Programs
There are various programs funded by the government and private entities to assist citizens struggling during economically challenging times. Most of these programs are free and offer assistance with things like mortgage, rent, utilities, healthcare, and groceries to reduce out-of-pocket expenses.
Saving Pennies Is Better Than Nothing
Setting aside money in savings should always be a priority. You never know when those contributions will come in handy, and an interest bearing account can help you establish a rainy day fund.
To help with savings, consider opening an account with ONE. ONE is a bank that offers unique tools to help consumers save more money. They offer something called an Auto-Save Pocket which is a sub-account connected to your debit card. When you use your card to complete transactions, ONE rounds up the balance to the nearest dollar and transfers the money to an account that accrues 3.00% APY in interest.
Reduce Unnecessary Spending
You’d be surprised how much money is wasted on things you don’t need. It is essential to review your bank transactions, credit card statements, and receipts to analyze where your money is going and evaluate if it is being spent on unnecessary expenses.
To help reduce unnecessary spending, download ONE’s mobile app to your smartphone or mobile computing device and create an account.
Research Earning Opportunities
When the economy is unstable, having more than one income source can provide a buffer. The good news is there are various ways to earn extra cash. You can start a blog, launch a home-based business, freelance professional services, tutor, babysit, cut grass, build websites, answer surveys, write reviews, become an influencer, create online courses, and sell unwanted items from your home. Evaluate your skills, abilities, and availability to determine which money-making opportunities are best for you.
Fun Can Be Free
There are plenty of ways to have fun without spending any money. You can read a book, complete a puzzle, visit a local park, participate in activities at a community center, and attend local events that are free for residents.