Tips To Improve Your Financial Wellbeing With Polk Partners*

*This is a collaborative post*

Since the Coronavirus was officially declared a global pandemic by the WHO World Health Organisation, it has thus brought instability to the US economy. The stock market has not seen lows like this since the market crash of 1987, and many key industries have already laid off many workers.

In a week which has seen the previous unemployment record in the US absolutely destroyed and left in tatters. The number of citizens who have filed for unemployment support has reached 6.6  million. The previous record high unemployment figure was way back in 1982, when it reached a high of 695 000 unemployment claims. Experts are warning that the real figure could be nearer the 10 million mark, as countless numbers of citizens have been unable to file their respective claims yet. 

The system is struggling to cope with so many fresh applications, again an incident which could not have been perceived even a month or two ago. Last week President Trump made history when he approved the Coronavirus relief bill. He is now calling for a $2 trillion infrastructure package in order to protect the US economy.  

For so many people, now is the time to tighten the purse strings as much as possible. The Coronavirus pandemic has fundamentally changed the way in which we live. It’s a deeply troubling and anxious time, and while health is the primary concern, our financial well being is also still important. Many are worrying about paying their rent, mortgages and other bills.

Polk Partners Say ‘Make An Emergency Budget’

If you currently find yourself worried about cash flow, have a look at how much you’re spending and on what, and compare it to your income. You might have to cut back on as much as possible to get you through the next few weeks. And while it is going to sting, once this pandemic is on the downslide, you will be glad of taking such action. 

Although it might seem simple and fairly obvious, now is the time to reiterate the importance of managing one’s own finances and being accountable for where your money is going down to the last cent.

If you are struggling with credit card debt specifically, then you should consider calling Polk Partners, a company which (in a nutshell), aims to help people by prioritizing what clients need by offering a single monthly payment with low interest rates.

Dealing with Bills; Gas, Electricity and Mobile Phones Contracts Etc.

Make a list of all your service providers, make sure you haven’t got direct debits going out of your account to some long forgotten about gym membership and the like. Look online at price comparison websites and call up other service providers. Find out whether or not you can find a better deal for the services you are currently paying for. With everything going on now is the time to get your bartering cap on and at least try and cut the cost of your household bills. 

And don’t forget simple things you can do to make a dent on your utility bills. Shower instead of taking a bath, don’t leave the faucet running when brushing your teeth, when making a cup of tea for 2 people, don’t fill the kettle, fill it only as much as you need. And at night don’t leave lights and lamps on in rooms which aren’t occupied. “Every little helps”.

N.B. Make sure you pay your bills on time if possible, be organised, check dates when bills are going to be due. Late payment fees can wipe out your hard earned savings which at this moment in time is the last thing you need. If you are struggling, then speak to the people you owe money to.

With regards to those who are struggling to pay their mortgage and such, or even in repaying loans to their banks. You have to contact them. Across the globe, banks are taking all kinds of measures. The Bank of England has gone as far as freezing interest rates at 0.75%, although there is speculation that even this figure might be cut. 

Some banks are cancelling fees for late payments, cancelling unarranged overdraft fees and almost all advise you to make contact with them so they can help you come to an arrangement which will help you if you are struggling with repayments.

Don’t Buy Things You Don’t Really Need.

Buying 20,000 rolls of toilet paper will not save you from the virus. Be sensible, buy only the essentials, if there’s one thing we’ve learned already, it is that so much of what we have and buy, we really do not need. As a Consumer society the levels of waste we generate is extraordinary. 

Now is the time when resources are spread so thinly, to help do our bit to reduce our waste production too. Again a simple precaution but one which ought to be followed by everyone. Remember the old adage “Waste not, want not”. 

*Contributed by Michael David. *Header photo source Pexels.

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