First thing to remember is that recessions are part of a natural cycle of our economy but that doesn't mean we have to like them! So we are going to share our top tips to get you saving Money!
Number One - Audit Your Finances
Time and time again we are told to check out finances and often daily life gets in the way. Now is the time to put everything on hold and really look at what you are spending and where it is going. Print out your statements and grab a highlighter because there is always plenty to find!
Number Two - Cancel all those NASTY subscriptions and unnecessary direct debits !
No, now is not the time to keep Disney+, Stan, Netflix, and 1000's of other streaming services. Pick one you love and give up the rest until you are in a better position. I promise Lion King and the classics will still be there when you get back. Wait, isn't it only $13.99 a month? Yep $168 a year per subscription. Knocking off one or two subscriptions can easily save you around $300 a year!!!
Number Three - Know your Number
Oh Budget baby! Now that you have audited your finances and knocked off some easy direct debits and subscriptions we can look at the big picture. If you need help working this out try the moneysaver Budget Planner Calculator below!
Number Four - Loans and Repayments
When the worst comes knocking at your door and you need some time to get back on your feet it is best to ask for help. Most lenders will allow for your loan to completely be put on hold or offer interest only repayments to those experiencing financial hardship. Reach out and see if you can negotiate the terms with your lenders and take some of the load off of your finances during times of crisis.
Number Five - Don't panic!
Times of uncertainty are never easy for anyone but stressing over situations you have no control over really does not help. Take a moment, scream into a pillow, have a strong Irish coffee with a friend and than clear your mind.
Working through a problem with a clear and in a logical way is often the best thing you can do to get back on your feet faster. Work through the things you can control, be proactive and most of all be kind to yourself at this time.
You will come through the other side, more prepared and financially responsible than ever.
Good Luck Business Planners!