Ask Anderson 8.24.2020: Maintaining Financial Focus
Having financial focus is important, especially so right now, when we are being hit from every side with distractions; an upcoming election, COVID, dealing with changes in family and societal “norms," etc.
1. Don’t Let Yourself Get Distracted
Currently, changes are occurring every day around us, but you are not alone in this shift and the struggles that can arise from it. Anderson Financial is here to help you navigate through keeping your finances safe and growing. There are so many resources available right now to build and grow finances, even in all that is going on in our world.
Remain focused on your budget and savings plans. Find ways to cut back on items not needed during this time. Work with lenders and creditors with options to ensure you stay on track with those aspects.
Hold yourself accountable and create a circle of trusted friends and family members to hold you accountable for your finances. Listen to and trust your financial coach. Stay connected and stay focused.
2. Know Your Options
When facing the stress of an inability to pay bills, knowing what your options are eases that burden tremendously; which is essential for protecting your assets. While rent, a mortgage, car payment, etc might be hard to pay this month, setting up the lines of communication with all necessary parties now is the best option.
Student loan lenders are making accommodations for COVID relief, as well. If that’s a concern, reach out and learn about the adjustments they’re making to help you.
3. Create an Emergency Budget
I’ve said over and over again how important it is to have that emergency savings. The best way to avoid a financial emergency is to prepare for one. Setting aside 10% of your monthly gross income into a savings account each month ensures that, should an emergency arise, you’re going to have some money to fall back on.
4. ALWAYS Maintain Your Credit
Now, more than ever, it is imperative to maintain and manage your credit. Whether you’re
using your credit card more, looking for a small loan to help out with struggling finances, or simply being active in growing your finances and credit score; always be proactive in maintaining your credit!
Do you know the 5 major factors that impact your credit score? Do you know how to maintain good credit whether your money is tight or stable? What about what loan modifications you should be looking for right now?
Learning how to manage your money is an ongoing process; financial stability and resilience doesn’t happen overnight and is a continuous work in progress. We can work with you on assessing your current budget, divide expenses, adjust budgets, find available benefits, and reassess financial goals. Call today to get started on your journey to financial success.
Anderson Financial Consulting, LLC 512-626-7545