Set New Financial Goals
Have the last two years of major life changes brought on by the pandemic perhaps altered your financial outlook? If you’re ready to finally plan that big vacation or change jobs that might allow you to keep working from home, it’s time to write it all down. Ask yourself what is truly a priority these days and set your financial goals accordingly. You’ll need to compare this with your current spending and use a savvy budget to reach your goals.
Make a New Budget
Your expenses may have shifted significantly in the past two years so it’s time to make a budget that matches your current spending. What habits are likely to continue and what is still in flux? You may have resumed your gym membership but are still paying for numerous streaming subscriptions. Think about how to rearrange your expenses based on a world less centered around your own home. It may also be an important time to rebuild your cushion and/or savings account if you dipped into it. We’re all thoroughly versed in uncertainty, but have to opportunity to prepare for it.
Check Your Mobile Apps
Given the growing popularity of monetary apps like Venmo and PayPal, many people will leave significant balances on them without even realizing it. Since your money gains interest when it’s in a bank account, or even better – an investment fund, there’s no use in leaving it in your app account. Move that money to a more sustainable location and reap the benefits.
Make a Plan to Pay Off Your Debt
It can be uncomfortable or even frightening to face your debts and take action to pay them off. If you find yourself overwhelmed with over 15k in debts, look to Madison Monroe & Associates for a helping hand on the path to financial freedom. We act as a partner to help you eliminate debt and get back your life back. Message us at help@madisonandmonroe.com or call us at (877) 346-2797.