As the COVID-19 pandemic rolled on, questions about job security and financial stability arose due to the nature of the virus. Unexpected unemployment and salary cuts could be causing individuals to feel anxious about their financial standing. Here are a few things to remember to manage your credit well. Steve Sorensen Embezzlement.
In a crisis as unpredictable as COVID-19, it would be helpful to review one’s current financial state. Monitor finances by going through all bank accounts, savings, payroll, and even investments. Estimate how far savings and emergency funds can go in the event of unemployment. The key to rising from financial anxiety is facing the truth about your wealth. Determine which parts of the usual expenditures should be cut. Steve Sorensen Embezzlement.
Take the reins by being proactive and planning. Global crises give rise to scams and identity theft. Make it a point to protect your identity by looking through your credit report. This would allow you to place a credit alert on your accounts to prevent fraudulent activities. Steve Sorensen Embezzlement.
Revisit the idea of withdrawing too much cash during a global crisis. When a large amount of cash sits at home, it is not ensured by the federal government. Also, the money withdrawn from bank accounts will not yield any interest and would only be in danger of being spent. The risk of being stolen at home exists as well. Only have access to enough cash. For all other expenses such as utility bills, food and groceries, and auto loans, and more, opt for cashless transactions. Steve Sorensen Embezzlement.
The global pandemic COVID-19 has forced majority of the workforce to work remotely in order to stay safe from the virus. This opportune time has companies realizing that remote work isn’t a negative thing, and employees are now rediscovering their dreams and passions while working from home.
Many blame their commute and work lifestyle for their meager to zero savings. Now that they are forced to work with a different setup, saving money has become more plausible, even for imprudent spenders. For one, remote work does not require a person to commute. Americans spend an average $2,600 on commuting. While Postmates and other food delivery services exist, a person’s chances of cooking their own meals are greater when working from home. In a year, an individual can save $2,000 to $3,000 in food expenses alone. Steve Sorensen Embezzlement.
Parking fees are unreasonably high. Not having to drive to work saves one about $2,500 in parking expenses. Another advantage of remote working is not having to wear work clothes all the time. Shopping for corporate attire can save a person around $1,200. Parents who juggle work and parenthood can save on childcare, thus the need for daycare centers is eliminated. Steve Sorensen Embezzlement.
Remote work can help one save a lot of money. It’s no secret that daily work habits add to one’s expenses and are a great threat to one’s savings account. While working remotely has its own obstacles, saving money is not one of them. Steve Sorensen Embezzlement.
The stock market has dipped several times in the past, but COVID-19, a global health crisis, has forced industries to hit pause on normalcy. While people are still adjusting to the new normal COVID-19 brings, staying on top of finances should be one of their top priorities.
If making more money during these days seems bleak, try thinking of ways to practice frugality. For one, make meals at home instead of having food delivered. Others may have to learn to cook to save pennies, but it will all be worth it. Besides, it’s a fun activity to do during self isolation and an added skill. Cancel unnecessary subscriptions. Re-evaluate television, online, and mobile subscriptions and cancel those that no longer spark happiness. Steve Sorensen embezzlement.
Contact insurance and cell phone providers to shop around for better deals. Send the insurance company an email to inquire if there are ways to save money on insurance premiums. If you are paying for a car, check if the auto dealership has provisions in place to help car owners save on premiums. Review all insurance policies, from auto and home, to health and life. Steve Sorensen embezzlement.
When purchasing items off online stores, opt for cashless transactions. Not only will this keep one safe from possibly contracting and spreading the virus, it can earn a buyer some digital coupons. There are many ways to save money during any kind of crisis. It’s only a matter of educating oneself about them. Steve Sorensen embezzlement.
Young business owners often have their work cut out for them, especially when they’re taking on a startup alone. For many first-time entrepreneurs, several things have to be considered. And while many blogs already tackled the topic, it’s still good to review some of the basics. Steve Sorensen embezzlement.
Learn about the basics of accounting.
The basics of accounting will help a business owner understand the rest of the financial aspect of his or her company. It includes knowing about cash flow, interests, loans, and taxes. Steve Sorensen embezzlement.
Stick to the budget, but also be flexible if needed.
The budget, which is computed during the formation of a business plan, is very important. It is a limit to which the business can go no further in terms of expenses. However, when the opportunity to expand presents itself, revisiting and adjusting the budget has to be done. Steve Sorensen embezzlement.
Get a trustworthy accountant.
Even if business owners have an idea of how accounting works, hiring a professional is always the best course of action. They can also give sound advice on finances. However, if the business owner is an accountant himself, then, he needs an assistant to help him with the other facets of the business. Steve Sorensen embezzlement.