The pandemic has impacted our lives in countless ways over the last 18 months. Many dream of how things will return or are returning to normal, but others are committed to finding a new normal. The pandemic-induced shakeup may have led to some slowing down their day-to-day pace, embracing a healthier lifestyle or perhaps committing to better money management.
Three tips for better money management
The financial strain endured by people in all income brackets has prompted some to prioritize new financial goals in 2021. Forbes Magazine recently published an article on how individuals and families can best pursue better money management.
- Do research online when shopping
Online shopping can mean lower prices, offer more variety and has the convenience of home delivery. However, thrifty shoppers can also find digital coupons or promo codes that lead to additional (and sometimes substantial) savings. There are also browser extensions that comparison shop thousands of sites to find the best price.
- Cut unnecessary expenses
Job security or unemployment has forced many to buckle down their finances. Even those who continued to work during the pandemic may wish to be smarter about their expenses — they can evaluate what are necessary expenses, embrace better budgeting and cutting some things altogether. There are money management apps like BUDGT, Wally or Mint that can help.
- Embrace fintech
Some fintech digital solutions help people invest by automating the delivery and use of financial services. Financial technology can help set up an investment portfolio or better manage consumer or business finances by utilizing specialized software and algorithms to automatically invest into a retirement account or diversify a portfolio in ways previously not imagined by the user.
Bankruptcy helps eliminate debt
People may also find that they are carrying an unsustainable amount of debt. In cases such as this, it may be taking measures like filing for bankruptcy protection. There are many benefits to doing this, including proactively taking control of one’s finances.