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Wants & Needs During a Crisis

There’s nothing like an economic crisis to inspire you to reevaluate how you’re spending money.

Don’t waste this crisis.

If you make some choices now, you can position yourself to come out financially stronger. This is especially important if you’ve had your income cut or are bracing for a pay cut.

Ask yourself: What can I cut to temporarily hoard cash? Your initial reaction may be that there’s nothing to cut, but let’s take a closer look.

Start with the optional. The money you spend on entertainment has probably been drastically reduced in quarantine. But you can also consider whether you can cancel or suspend memberships.

When it comes to “needs,” the key is to negotiate and communicate. Contact your car insurance company, your landlord or your mortgage company and see what arrangements can be made. Don’t just stop paying bills. Making the effort can go a long way. Also reach out to utilities, your car loan company, credit cards and student loans. In many cases, there are ways to negotiate your payments. When you start digging, you can always find things to cut.

Ready to learn more about our Retirement Habits? Check out these stories to start building your own habits:

Habit #1: Pay Attention https://themeakemgroup.com/habits-for-building-wealth-1/

Habit #2: Avoid Bad Debt https://themeakemgroup.com/habits-for-building-wealth-2/

Habit #3: Live Beneath Your Means   https://themeakemgroup.com/habits-for-building-wealth-3/

Habit #4: Save 16% https://themeakemgroup.com/habits-for-building-wealth-4/

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Traci Richmond and not necessarily those of Raymond James.
Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members.

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