If you’ve learned anything over the past few months, it’s that we should prepare for the unexpected. We know that many people in our community have really been impacted by COVID-19, experiencing job loss, diminished savings and debt on the rise. We know there are some things that are out of our control, but it’s important to control how you spend and also how you approach debt.
Cutting Costs
- Cut the gym membership. It’s likely that your gym is closed or at a smaller capacity anyways. Take advantage of alternatives like biking or walking instead. Use a personal fitness tracker to help set and track goals. Turn to friends or family members to remain motivated.
- Cut those old subscriptions that you don’t need. (Music, magazines, gaming)
- Cut the cable and turn to a streaming service for a fraction of the cost.
- Cut your variable household expenses by working with utility companies to get on a budgeted amount each month.
- Save on groceries. Cut out the meal kits and pump up your culinary skills by starting a garden. Buy generic when you can and be aware of food banks in your area. For those with kids look for alternatives like school lunch pickup spots and EBT Benefits available to help supplement.
- Cut your insurance premium by requesting a quote from a few different agencies.
- If your car payment is more than 10% of your monthly take-home pay, consider refinancing with Expree.
Reducing Debt
- One of the best ways to reduce debt is to stop creating new debt. Some people place their card in water and freeze it, so they have time while it thaws out to decide if the purchase is worthy of charging it. See if you can come up with some version of that to slow your charging activity.
- Pick one debt and give it all you’ve got. Instead of paying slightly over the minimum payment on all debt, pick one and pay a larger chunk toward it while making the minimum payments on the rest. Paying off one debt completely will give you incentive to keep going!
- Transfer high-interest balances to one, lower-rate Expree Platinum Visa® card (with no balance-transfer fee). Visit https://expree.org/credit-cards/
For guidance with these or other financial issues, please call us. We’re here in good times and bad, but we especially want to hear from you when times are tough. We may be able to help in ways you never imagined.
You can also take advantage of the financial counseling services available through our trusted partner GREENPATH. Their caring, respectful counselors are here to help support you in meeting your financial goals. Call today to take the next step on your financial wellness journey at 1 (800) 550-1961.
