Winter is here, and in many countries around the world, it's challenging citizen life. Higher inflation, higher energy prices, and higher food and gas prices create a situation where people can barely get by. If you're worried about how to keep yourself and your family afloat this winter, we've got 100 tips to help.
Here you may find the sixth part of the list – Financial Preparedness tips.
Other parts of this series
- Part 1: Energy-saving Tips
- Part 2: How to Prepare for a Power Outage
- Part 3: Grocery and Food-Saving Tips
- Part 4: Check Your Self-sufficiency Level
- Part 5: Transportation and Travel-Saving Tips
- Part 6: Financial Preparedness (this post)
92. Check the date of the loan interest rate change
Central bank interest rates have risen dramatically during the year. It increases the installments of mortgages and many other loans.
You should find out from your bank when the interest rate on your loan will be revised and count out how much your monthly budget can carry.
93. Review your bank statement and credit card bill
It's worth going through your bank statement and credit card bill carefully because streaming services, applications, and subscriptions you no longer use and are billed monthly can add up to surprisingly large expenses.
94. Don't buy on the credit
Get rid of credit card debt and quick loans. Get rid of credit card debt and fast loans. Interest and other costs of them can waste your monthly budget.
95. Pay the entire credit card bill at once
Don't accumulate credit. Pay it off every month. If you have credit, compare the interest costs of credit cards and the competition and consolidate the loans into one debt.
96. Prepare in time for the expenses of the holiday season
Consider the costs of the Holiday season well in advance. You often avoid expensive panic shopping when you get the gifts in advance.
97. Centralize and request new offers for your insurance
Even inexpensive insurance often becomes more expensive without noticing after the first year. Sometimes it is also worth tendering all the other subscription contracts.
98. Contact the bank or electricity company if you cannot pay the invoices on time
In a tight budget situation, more payment time may be needed. In this case, you should contact the sender of the invoice.
The due date of the invoice is often negotiable. If the mortgage installment seems impossible, you should contact the bank.
99. Move savings out of sight
If the saved money is burning in the account, you might temporarily grab some for a coveted impulse purchase.
If you move the money to another account, you will see it only a few times a week, and using more challenging is not easy.
100. Invest in a financial buffer
Financial advisors encourage you to keep an amount equivalent to 2–6 months' expenses in your savings account.
Especially now, when expenses can be challenging to predict, it is worth accumulating savings in case of surprises.
Other parts of this series
- Part 1: Energy-saving Tips
- Part 2: How to Prepare for a Power Outage
- Part 3: Grocery and Food-Saving Tips
- Part 4: Check Your Self-sufficiency Level
- Part 5: Transportation and Travel-Saving Tips
- Part 6: Financial Preparedness (this post)
