In this article:
- Take Inventory of Your Spending and Create a Budget
- Reduce Monthly Bills
Gaining control of your expenses during such hard economic times occasioned by COVID-19 pandemic is key to meeting your financial goals like building or maintaining good credit to avoid financial distress that may arise from finding yourself in the opposite side sooner or later.
You may have lost your job or had your wages reduced as a result of the biting economic impact of the pandemic or even had emergency that decimated your budget, leaving you wondering how you'll survive the pandemic's merciless fangs.
When your financial concerns amounts or comes close to the aforementioned situations, your options are quite limited and, as such, you will have to find easy-to-implement ways to reduce and control your expenses.
Below are a few steps you can take that OPesa Mobile Loan App recommends as part of a financial literacy initiative to encourage borrowers to embrace healthy financial discipline and borrowing during and after the current unforgiving 'sick' economic times.
1. Take inventory of your spending and create a budget
You can't really control your spendings until you know where your money is going. Start off by tracking your expenses say for a month. Then gather up your expenses including loans and weigh them against your income to see where you can cut down to fit your prevailing financial status quo.
2. Reducing Monthly Bills
Recurring bills and debts probably make up a large portion of your monthly outflow, so they're a good place to economize. Below are a few opportunities to explore:
a). Utilities
Cutting energy consumption is always a worthy goal. Use appliances less often, turn lights off when not in use and other things you know can do without suffering to cut your costs upfront.
b). Consolidating Debts
Bring your monthly payments down by exploring whether consolidating debts might lower your monthly bills.
If you find this option viable, you can go for a debt consolidation loan which you can then use to pay off high-interest debt.
Consolidating debt allows you to use just one loan to pay off one or more loans, which can simplify your repayment plan. And, depending on how much debt you have and the loan's terms, it can save you time and money.
To decide if a debt consolidation loan is right for you, it's important to consider your individual financial situation and goals.
OPesa Encourages Healthy Borrowing Habits, OPesa Cares About Borrowers Financial Well-being!