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You came not alone with a big budget. Today, millions of Americans are struggling with unemployment, lost hours and low wages.
Not feeling comfortable knowing that others feel connected. But you may be relieved to hear that there are ways to make things easier – even if you quit your job or spend more money.
We turned to financial experts for advice on how to get more mileage out of the money you have. Here are their tips for finding extra money in your home monthly budget.
Go line by line
Depending on where you live, you probably spend a lot of time at home. Spend at least some of your free time analyzing your finances.
Make sure every transaction is on your checking account, savings account, credit card accounts and so on, ”says Robinson Crawford, a certified financial planner and founder of the consulting firm Montebello Avenue in Phoenix.
Crawford says you can use Budget system to make this step easier. Try an application, Excel file or other tool.
Once you see how the whole dollar goes in and out, you will be able to identify areas for savings. And ready to start making some (or all) of the changes outlined below.
Pick up the phone
Look at your positions, first and foremost focus on the biggest bills, suggests Cady North, CFP, founder of the LLC, with offices in San Diego and Washington, D.C.
The reduction is substantial, with periodic payments has the potential to get the most savings. For example, even if you have already received an automatic discount from an auto insurance company, prevent a call and see if you can agree on additional savings. Bad is especially applicable if not driving now.
Another option? If you have student loans, the payment of your federal student loan is probably already suspended, but have sought to take additional steps to ensure the termination of your automatic payments. That is, if you want to continue making payments now.
If you decide to contact the companies and service providers you do business with, be honest how COVID-19 has affected you. Crawford recommends telling them about your situation and why they are asking for help, especially if she has been fired. They probably empathize.
“Part of the reasoning should be,‘ Listen, trying my best to get all my bills paid. I want your service. I want to keep you. I want to stay a customer “”
Disconnect the network and unsubscribe
After big expenses, seal the small holes in your expenses. Try inspecting your home, recommends Shehara L. Wooten, CFP, founder of investment advisor Your Story Financial LLC.
Unplug the mains when not in use. Stop buying disposable paper towels and paper plates – switch to reusable towels and plates instead. Control the thermostat and lamps as you spend more and more time at home.
You can also pull up the stub on unnecessary subscriptions. Crawford says now may be a good time to cancel streaming services and membership in online stores, especially those that you find useful even if you get them at home.
“If you didn’t look at any of your signature sheets during COVID, flash the news: You never looked at it.”
If you still love (and enjoy) your subscriptions and are willing to unsubscribe, temporarily disable them. Some companies allow you to go online and suspend your account for a period of time.
“Gone is the way to get $ 15, $ 20 here and there extra in your budget,” North says.
Return the money
Finally, while you may not be able to find a new job now, there may still be ways to expand your budget that you haven’t considered.
One way to sign up for sites or apps to get your cash back is to get your money back by buying groceries and other essentials, Wooten emphasizes. With some apps you scan the receipt after the transaction in order to save after the purchase.
When you free up money, make sure you spend these new funds on essentials such as food and shelter.
Every change you can make – no matter how big or small – can change the situation.
This article was written by NerdWallet and was originally published by The Associated Press.