The economy has shed some signs of improving, but indications are we still have a lot of rough road ahead of us. Pandemic or not, it is always a good time to cut back on your regular monthly bills, if you can. For many, once you’ve cut out some of the more obvious expenses, it doesn’t feel like there are that many other places that can be cut. The truth is, most have a lot of places we can still cut back and save money, but do we want to?
Mortgage + Rent – This is one of the biggest expenses for people. If you feel that you will fall behind, it’s best to request for accommodation before you can ultimately hurt your credit score.
- Renters – A call or email to your landlord explaining your situation is the best first step
- Homeowners – Work with your Mortgage Servicer for repayment options
Credit Cards – Most credit card issuers are granting payment deferrals, late payment waivers and even lowering interest rates to cardholders who are suffering financially from the pandemic
Gas and Electric Bills – Many utilities are accommodating people who can’t pay their gas or electric bill right now due to Covid19
Car Payments – Ford and other automakers are allowing some customers to defer payments on their existing car loans
Student Loans – The CARES Act gives some relief to borrowers under certain student loans. For designated federal student loans, you don’t have to make any principal payment until September 30, 2020
Cable – Can you cut the cord on your TV services?
Do you really need a landline phone?
Do you really need multiple music streaming services?
Can you cut down on takeout food?
Review any automatic payments that are made from your checking account!! We often take those monthly bills for granted, not even thinking about how we can save money on those regular expenditures. When you’re on a budget, it’s not easy to find additional ways to save money but its always important to set aside at least a little for the future!
Thank you for reading!
Blackrock Investments and Finance, Inc.
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