With news about market ups and downs and growing concerns about rising costs for the basics, it’s no wonder we’re all feeling uneasy about our money. But even when times are tough, there are ways you can hold onto your hard-earned money and make the most of it.
“Focus on what you can control,” advises Lauryn Williams, a certified financial planner and founder of the financial coaching firm Worth Winning. “That can bring our anxiety levels down and help us make better decisions about our money.”
Here are some of her tips to help give you a little more control of your finances and weather the storm:
- Spend on needs, not wants.
Now more than ever, it’s important to pay attention to where your money is going. That doesn’t mean cutting out everything you enjoy; it means knowing when something is a need and when something is a want. Make sure you’re focusing on essentials like rent, groceries, car and loan payments, and paying your credit card every month. Consider putting off large or non-urgent purchases, which are more of something you want, until more stable conditions. Use your Ironworkers USA Federal Credit Union mobile app or log in to online banking anytime to stay on top of your spending and your credit score. You can even set up spending limits to help stick to your budget. - Stay alert to scams.
Fraudsters use times of economic stress to prey on people who may be in trouble and desperate for an out. Be especially cautious of offers to “fix” your finances fast or unsolicited advice that sounds too good to be true. Scammers often disguise themselves as financial helpers. Protect yourself by thoroughly checking credentials and never send money or personal information without verifying it’s a real, credible organization. Give us a call if you’re ever unsure, or check out our security news online; we can help! - Start building your emergency fund.
A solid savings cushion remains one of the best defenses against life’s curveballs. Whether it’s the rising costs of everyday essentials, an unexpected expense, or a job ending, having a savings account you can pull from in an emergency provides financial and emotional relief. Consider skipping the coffee shop and making it at home, or bringing your leftovers for lunch to save a little bit of money every day. Try to contribute consistently, even if it’s just a small amount each month, it all adds up. Need help learning how to save? Give us a call, we’re experts at this stuff. - Make sure you’re making your debt payments.
Don’t dig yourself into a hole by skipping loan or credit card payments. You can still make minimum payments to free up funds for necessities or savings, just be mindful that your interest rates will continue to add up. Remember, you can use our online and mobile banking services as an easy way to pay your bills. And, give us a call if you’re feeling overwhelmed. We can help you build a budget and prioritize paying off high-interest debt first. - Stay the course.
Most of us have more working years ahead, so resist the urge to react to all the financial drama. Continue working, saving, investing where you can, and doing your best; you’ll reap the benefits when the market rebounds.
Remember, Ironworkers USA Federal Credit Union is here to support you through every financial season. Whether you need help budgeting, building savings, or managing debt, reach out; we’re just a phone call or visit away.
