6 Tips For Money Management | Post - Pandemic Guide

Let's Make A Budget

The very first step should be a MUST HAVE for all and that's a budget.

The very purpose of budgeting is so you see whether you are profiting, breaking even, or losing money. We've provided free excel monthly budget spreadsheets here.

Change Your W-4 Election With Employer

If you don't remember what the w-4 form is, it's the form you fill out when starting a new job and ask how many allowances you would like to take. Many people receive tax refunds from their election choice on w-4 forms annually so you could opt out of refunds by adjusting your allowance number so you can get more money per check.

Check with a tax professional if this may be a benefit for you. With tax refunds, you're not getting any interest from the government holding your cash. HR Block provides a great free W-4 calculator tool.

Plan To Increase Credit & Credit Score

Credit is a powerful tool in building your wealth. Increasing your credit score and limits will only benefit you as time passes by ensuring you pay the lowest interest rates and giving you a surplus of rewards in return. We supply a credit card tracklist here with strategies to guide you on gradually raising your credit.

Consolidate And Organize Debt

Consolidating your debt is easier since combining debt payments you'll only have to make one payment that applies to all your debt. Commonly used to lower interest rates so that debt repayments can save you money in the long run. With short work, you can find out if consolidating makes sense and saves you cash by utilizing our online debt consolidation calculator.

Another way to control your debt is to organize it from highest to lowest interest rates. Listing debts semiannually is a good way to see how much your payments have been chipping away at your liabilities and you'll be able to decide if applicable where you can make extra payments too.

Reduce / Remove Expenses

With inflation happening annually, there are only two ways to beat it. One is by getting an increase in income every year or by reducing your expenses.

One way to do this is to take some time and shop around at least semiannually when it comes to your bills. Let's use car insurance, for instance, every six months shopping around and inquiring about quotes can get you a reduced price. This is what should be done for all your bills.

Start An Emergency Fund

One thing this pandemic has shown is the importance of a safety net. Building up an emergency fund should come before paying off any outstanding debts because no one knows what the future holds. A good base goal would be anywhere from six months to a year of your salary.