How To Stay Afloat When Your Finances Are On Fumes
If you’ve recently lost a job, you already know the struggle. Bills don’t always get paid, your Amazon shopping cart sits idle, and you may have to tell the kids no to the little extras in life. But, just because your finances are uncertain does not mean that you can’t make ends meet and still enjoy a happy life.
Go back to school.
When you are out of a job, the one thing you have is time. Use it wisely by investing in an online degree. WGU notes certain fields, such as information technology, are solid and lucrative options. Other ideas are graphic design, real estate investing, and marketing. A quick internet search in your area of interest will reveal a plethora of choices, many of which take just a few months to complete.
Speak to a financial advisor.
Now more than ever, it’s important to find ways to make the most of the funds you have, and a financial advisor can work with you to help your money grow. For example, this financial specialist may suggest transferring a certain amount from your checking account into a high-interest saving account or setting up an IRA to save money for the future. Many banks offer this service to their customers for free, so reach out to your local branch to get set up with a personal banker, or you can reach out to Chad Sutton, CFP® AIF®. Chad is a Certified Financial Planner with Dieterich Investment Centers.
Focus on your needs instead of your wants.
As Ivaylo Durmonski explains, minimalism is the idea that you only surround yourself with the things you need and that make you truly happy. In addition to clearing the clutter from your life, adapting some of these principles can help you save money while you work to regain control of your personal economics. Stop buying into the idea that you have to have new clothes, an expensive vehicle, or a top-tier cable package. Extraneous expenses can potentially cost you hundreds each month.
Other ideas for saving money and getting through the rough spots include:
- Learn how to cook and make meals ahead.
- Engage in free entertainment, such as visiting local parks or fishing.
- Use coupons or deal websites like GottaDeal to help you save on purchases you must make.
- Evaluate your expenses, create a budget, and stick to it.
Hopefully, your financial pinch is only temporary. But, even when it’s over, adopting some of the above strategies can help you do more with your money and, in turn, provide you more freedom for the future. Remember, retirement is never really that far away, and how you deal with your money now matters.
Important Consumer Information
Chad Sutton of Dieterich Investment Centers offers securities and advisory services through Commonwealth Financial Network®, member www.FINRA.org(Opens in a new Window)/www.SIPC.org(Opens in a new Window), a Registered Investment Adviser. Not FDIC Insured, Not Bank Guaranteed, May Lose Value. Dieterich Bank is not a registered broker-dealer or Registered Investment Adviser. Dieterich Bank and Commonwealth are separate and unaffiliated entities.
This communication is strictly intended for individuals residing in the states of IL, WI, FL, IN, KS, TN, AZ,CO. No offers may be made or accepted from any resident outside these states due to various state regulations and registration requirements regarding investment products and services. Dieterich Investment Centers, 510 W Fayette Ave, Effingham, IL 62401, (217) 540-5228