We’re living in unprecedented times, primarily due to the spread of the COVID-19 virus. In addition to the countless lives affected (66.7 million people infected worldwide; 14.7 million people in the United States infected) and taken from us (1.53 million deaths worldwide; 281,000 thousand deaths in the U.S.), the economy of the world has been deeply affected by the spread of the virus. In many countries, people are suffering from unemployment for the first year in their lives, and businesses have either been closed or forced to comply with many safety inspired measures needed to slow down the spread of the virus.
When the virus hit U.S. shores earlier this year, there was an immediate effect on the economy of the country. Many people were laid off from their jobs as a result of the pandemic, and the unemployment numbers of the country rose month by month. In February of this year, the unemployment numbers in the United States stood at 3.5 percent, and within the span of two months, it shot up to 14.7 percent in April of the same year. This has affected the financial security of many families throughout the United States, and even now many people are still picking up these broken economic pieces. For those seeking some direction on how to ensure the financial security of your family during such a time, check out some of these tips.
Look for cheaper alternatives for utilities.
When planning for your family’s financial security, you want to do your best when it comes to saving money. One way to do this is to be on the lookout for cheaper utility options.
Utilities are those essential items that you need to survive or live in your home. These often include electricity, gas, water, sewer, internet, telephone, cable television, security systems, and trash pick-up. These utilities make up approximately 80% of the bills which you’ll be paying for your household. In today’s world, there are different providers to choose from when it comes to trying to finding the best deal for the cheapest and most quality utility.
For instance, let’s say a resident living in Northern Ireland (NI) does a search for the cheapest electric in NI. This will give prospective home buyers the option to find an electric utility provider who will give them the best deal possible. In the long run, this can be a way that helps a person to save money and help ensure financial security for their family.
Invest, invest, invest.
Saving money during an economic crisis is easier said than done. Some families are barely able to keep food on the tables, in addition to figuring when the next unemployment check will come through. These people are rightfully not looking toward any type of investment that can help them build a portfolio. On the other hand, there are families where this isn’t the case, and checking into various investment options that can be beneficial for them.
Investment opportunities, or investment options, come in a variety of different forms. Some investment opportunities for a new investor include stocks, bonds, mutual funds, exchange-traded funds, a hedge fund, yield street prism funds, alternative assets, and certificates of deposits (CD). These options allow you to grow money over time, which can eventually be applied to growing the financial security of your family.
Some of these types of investments are perfect for beginners, while others require the assistance of financial planners or financial advisors. Each type of investment brings with it a variety of different risks and rewards. It’s best to balance this against how much of a chance you want to take when it comes to investing money for the sake of your family. Do your homework.
Ask yourself questions like “is Yieldstreet legit”? Dig deeply into each investment opportunity. As in the case of alternative investment opportunities like the Yieldstreet platform, find those answers which will make you more comfortable with taking part in one of the many Yieldstreet investments that are available.
As mentioned before, find an investment manager to help answer any investment strategy related questions that you might have. A financial advisor helps to put together an investment plan that can help you take part in many different, and possibly lucrative, investment options. Whether it’s investing in a Yieldstreet prism fund or making a minimum investment in stock for a company on the stock market, investing is a good way to ensure the financial security of your family.
Save money whenever and wherever you can.
Simple ways to save money include keeping track of your spending, separating your wants from your needs, avoiding using your credit cards, saving regularly from your paycheck, and even cutting down on taking out orders. These are immediate ways that you can begin to set money aside in the hopes of having a savings stash for your family. Try taking this a step further. Look into a family size electric car, or even buy a luxury faux fur rug for the living room. These can be quick ways to save money for your household.
The goal is to not spend like an NBA player with a huge bank account and to focus on what you can actually afford based on the annual income of you and your spouse. More involved ways of saving money for your household can first include taking advantage of your job’s 401-K employer matching program. This allows for an automatic withdrawal of a certain amount from your paychecks, which pays towards your eventual retirement from your job. When you prioritize your retirement now, this can help to alleviate any financial burden which might be placed on your children later in life.
Try to also open a savings account with a bank. Look for those accounts that don’t have fees attached. These fees often come in the form of maintaining minimum balance fees, maintenance fees, or transaction fees. Look into what the interest rates are for the savings account. Does the bank account allow for automatic transfers, and is there a minimum needed to open the account?
Build your credit score.
Growing your credit report to a higher level can be helpful for you as you work to ensure your family’s financial security. Excellent credit scores can help to open doors to savings and financial benefits. With a good credit report, you can access loans and credit cards, which can come with terms that are beneficial to you and your family.
By having a good credit report, you’ll be able to qualify for the best interest rates. You’ll also be able to pay less for finance charges on credit card balances and loans. As you pay less money in interest, this will allow you an opportunity to pay off your debt faster. Once you pay off your credit card balance, and other debts, then you won’t have to worry about such things as an annual fee on your credit card. The goal is to eventually have extra money to be used to placed towards savings.
Often, it seems daunting to try to improve your credit, but there are ways that you can improve your credit score. Some of these ways include paying your bills on time, keeping your balances low on credit cards, applying for new credit only as needed, not closing unused credit cards, and dispute any inaccuracies on your credit reports. Following these steps can help you with building your credit score, and reaching a point where you can ensure your family’s financial security.
These are just some of the proven methods for building your financial future. You may find that you can get creative and discover even more on your own.
