Financial experts advise cutting both fixed and variable expenses to improve cash flow and ensure that available funds go toward necessities. The first step is to review bills and statements to identify potential savings.
If you've been financially impacted by COVID-19 , or are generally concerned about how your household finances might fare in the coming months, one expert recommendation is that you cut both fixed and variable expenses where possible to immediately improve cash flow.
By doing this exercise, you might that you're not even using some of the subscriptions, memberships and services that you normally spend money on. "It's really easy to forget about all the different apps and things that you might have signed up for that are being charged automatically," says Schieck. "Even though you might want them during normal life, you might not use them so much when you're stuck at home.
Once you've done that review and assessment, here are some ideas for freeing up money in your budget.You might be able to free up money in your budget by reducing some of your fixed expenses like telecommunication costs and bank fees — it just takes time to reach out to your service providers online or via phone. "Generally speaking, it's always a good policy to look at all your insurances every year and see if you can find a better deal," says Sylvestre-Williams.
Gym memberships — which generally aren't being used during social distancing, although some instructors and gyms are offering online workouts — can be put on hold in favour of, too, suggests Sylvestre-Williams. Similarly, you can try to pause or cancel charges for public transportation passes, co-working space memberships, and other monthly spends.is a phenomenon that can negatively impact your budget.
He suggests auditing your subscriptions on an annual basis, at minimum, to see if you still use them. "We tend to sign up for subscriptions fairly liberally, and then sometimes we forget about them. And we still have those expenses coming out even if we're not using those services," says Banerjee. Right now, for example, you might want to keep at least one video-streaming service while you're spending a lot of time at home.
FINANCIAL ADVICE EXPENSE MANAGEMENT BUDGETING COVID-19 FINANCIAL IMPACT
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