IMOR Financial - How to Find Ways to Adapt Your Finances In Tough Times

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How to Find Ways to Adapt Your Finances In Tough Times

We all are faced with the uncertainties of the economy and it’s important to have control over your finances. The effect is felt by many these days. Some people lose their income, some wait and their investments take a hit. Financial hardships are real these days and have to tighten up the financial ropes. It doesn’t matter whether you’ve had a financial plan in place for years and just want to take control of finances during these tough economic times. You can prepare for what comes your way.

Goals are a great way to start. 

You may need to revisit and maybe even reevaluate your financial goals. Take time to write down your top 8 to 10 goals both short and long term. Consider which ones are most important to you. Saving for retirement, paying off debt. Prioritize, create a target, and keep track of the progress you make.

Cut back on expenses that are unnecessary. 

With money being tight, take steps to tighten that financial rope. For example, cancel subscriptions you rarely use, cut back on dining out, or reduce costs on groceries by meal-planning. Reworking your budget after looking at your finances and when you’re making necessary adjustments. Start by adding up monthly income and then write down how much money you plan to save each month. Look at spending—utilities, transportation, and health and wellness and write down how much you plan to spend each  month. At the end, look over monthly totals and adjust your numbers until you have the results you’re pleased with.

Focus on paying down your debt. 

With uncertain times today your debt payments can increase stress. Focus on the debts with the highest interest rates. This can help you avoid paying too much interest in the long run. If your debts have interest rates that are similar, pay off the smallest balance first then pay the monthly payment amount toward the next small balance.

Rethink the savings strategies you have in place. 

You most likely have short- and long-term savings goals you need to reevaluate. Do you have non-essential savings goals you can pause such as a new car or vacation? With the uncertainty of the economy you may want to look at shifting the focus to building an emergency fund if you currently do not have one. 

Relook at retirement contributions. 

Do your best to continue contributing to those retirement accounts through the uncertainty of the economy. If adjustments are needed, tweak them for a short period of time. Use the leftover funds to pay down debt, help with essential expenses, or put money into your emergency fund.

Even with good money management habits in place, financial disruptions and unforeseen circumstances can turn your financial situation upside down. Taking the necessary actions to avoid the fallout you may face and finding those solutions quickly will help get your finances back on track. 

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