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5 Strategic Money Moves for Trying Times

By: Brittany Engelmann-- 2016-09-02 7:00 am --

It’s a tough time for the U.S. economy, and many people are encountering difficulty making ends meet. Whether you’ve recently been laid off, you’ve acquired substantial medical bills, or you’re inviting a new member into the family, factoring new expenses into your existing budget can be overwhelming. Here are some expert strategies for money management that will help you persevere through tough financial times and make your way toward brighter days.

 

  1. Reassess your priorities.

It’s sometimes difficult to separate wants from needs. Go through your monthly expenses and ask yourself which items are truly essentials and which are simply desirable. Do you really need a car, or could you suffice with public transportation? Is your current food budget essential, or are there some easy ways to scale back? By reassessing your financial priorities, you’ll likely find that a large chunk of your monthly budget could easily be done away with.

  1. Scale back on insurance costs.

Nowadays, it seems like there is insurance for just about everything – from the more important insurances, like car insurance and health insurance, to the lesser priorities like life insurance and pet insurance. Evaluate your annual insurance costs to see which insurance policies could be scaled back on and which could be disposed of altogether. By increasing your deductible for car and health insurance, you can reduce monthly payments, while still receiving great coverage.

  1. Always scour the job listings.

If you’re currently unemployed, then this is a given. However, even if you’re happily employed, sometimes there are better jobs lurking just around the corner. Keep a close eye on all local job listings to see if there are higher paying jobs in your field for which you qualify. Oftentimes, your next big promotion won’t come from inside your current company but from another company within your industry.

  1. Network, network, network.

In between buffing up your resume and interviewing for local positions, networking is a task that should never be neglected. Not only can networking help your business career, but it may even help to improve your personal life as well. It will connect you to local businesses and enable you to establish partnerships with those businesses, which could allow you to access discounts and savings on the things you need most.

  1. Buy in bulk.

When times are tough, you need to watch every penny you’re spending. By purchasing your most frequently used household items in bulk, you’ll be able to access the same quality of goods for much lower prices. From household and office supplies to canned food and snacks, you have endless potential for cutting your monthly spending.

Finances are tough for many, especially if you’ve recently encountered some unexpected expenses. Fortunately, there are a lot of ways to cut back on spending and stretch your savings further in these trying times. By assessing your monthly budget, you’ll likely find a variety of expenses that can be scaled back on or done away with altogether. One easy way to begin saving today is by purchasing your most essential household items in bulk. Click here, and begin browsing a variety of products at low wholesale prices.