The global pandemic has many of us thinking about ways to better protect our financial structures to protect our loved ones. If you’re struggling with too much debt or worried about your job, there are ways to get on top of it and leave that uncertainty and stress behind.
Learn to live on less than you make. Don’t take on payments, even if you can afford them, for something you don’t absolutely have to have. You must have somewhere to sleep, but a couch can wait.
The ability to walk away from debt and save until you can pay cash for something you want is extremely empowering. By saving first, you build a mental strength that just making payments can’t give you.
If you have a retirement savings option through your employer, put in as much as necessary to at least meet the match offered, and more if you can afford it. Once you have savings and are meeting your obligations, consider branching out in your investment choices.
You may want to buy BTC cryptocurrency, start a traditional or a Roth IRA, or set up a stock investing account. Whatever you do, remember that you can turn your dollars into employees that run around the various markets and bring home friends. Earning on your dollars instead of paying interest on debt is a much better choice.
Building a cash reserve can seem daunting. However, if you do it in tiny blocks of saving, it will be less painful. Start by saving enough to
and keep going. If possible, don’t set up an easy way to get money out of this account. Don’t set up a debit card or get checks that will make it simple to get money out of your emergency savings account. When you get a little extra money, put it in the emergency fund.
Don’t worry about hitting a particular dollar amount. Yes, $1,000 is a nice start, but if your house payment is $1,100, it’s not enough. Use those building blocks to build up savings to cover your expenses for a month, then keep going.