While the world experiences economic uncertainty, take these three steps to turn this setback a set up for success.
The outbreak of COVID-19 has sparked a wave of uncertainty in our economy, in the job market and in our everyday lives. While there will be some things that are outside of our control in the coming months, the following measures can help us to not only survive but thrive during this unpredictable period.
Slow your spending
One of the most important things you can do during uncertain economic times is to create a leaner budget. Go through your expenses and identify anything that can be cut or scaled back. If you tend to order in every week, consider cutting back to twice a month. Once you have identified areas where you can save, use the extra money to boost your savings.
Take extra precautions with your credit
Your credit is your key to buying a house, getting a low-interest car loan and even in some cases getting a job. Try to avoid taking on new debt at this time. If you run into a cash crunch that impacts your ability to pay your bills on time, contact your creditors immediately and ask if they will work with you. Some may lower your payment or possibly let you temporarily pause your payments.
Leverage low interest rates
If you have good credit, now might be a good time to take advantage of it. Interest rates are currently low and in these uncertain times, they are unlikely to rise in the near future. That means you may get a super low rate on a mortgage. If you are already a homeowner, this may be a good time to refinance to a lower interest rate, which may lead to a lower mortgage payment.
Times may be uncertain but one thing is for sure -- HomeFree-USA is here to help you protect your home and financial health.