As we spend more time at home, many are finding creative ways to stay busy, such as learning musical instruments and foreign languages, discovering their inner chef through new recipes, and rekindling relationships with old friends online. There are also many ways to use this time for improving your finances. Here are a few financial tips to get you started:
Cancel unused subscriptions, update your budget, and gain a greater understanding and control over your finances by keeping track of where your money goes every month.
Ask for a discount
Shop around for fixed expenses like homeowner’s or umbrella insurance to make sure you’re getting the most competitive rate. And, while most of us are driving less, ask your auto insurance carrier for a rate discount.
Comb through old documents to toss ones you no longer need. convert others to a digital copy stored through your Truuwater Vault or other secure online location.
Brush up your digital resume
Update your LinkedIn profile, connect with former coworkers and business associates, and start sharing relevant articles for virtual networking from home.
Set your house in order
Update beneficiary designations on retirement accounts and life insurance policies. Also, read through your will, trust, power of attorney, and other estate planning documents to ensure everything is current.
Improve your cash flow
Get quotes for refinancing your mortgage or other loans while interest rates are low. Also, ask around to get a better rate on your savings, money market or CD savings.
Control your credit score
Run a credit report (Equifax, Experian and TransUnion all offer a free report once every 12 months) to track your score. Also, consider freezing your credit with each of the major reporting agencies to protect yourself against identity theft.
Get ahead on your taxes
Even with the 2019 filing deadline pushed to July 15, give yourself a head start with gathering documents, making IRA contributions, or filing sooner.
Pay it forward
With medical supply shortages, rising unemployment and poverty, and increased isolation among the elderly and those with pre-existing conditions, consider creative ways of giving back through donating to charity, creating cloth masks for medical workers, delivering groceries to those unable to leave home, and calling vulnerable loved ones.