5 tips for staying financially resilient

By
Real Estate Agent with Coldwell Banker Camelot Realty

5 tips for staying financially resilient

Having a budget can help you stay on track and plan for a brighter future. Here are 5 tips to help you prepare:

 

1. Know where your money goes

Every budget begins with two key figures: your monthly expenses and your monthly income. Make a budget that tracks both your income and spending. This will be even more important as you experience fluctuations.

2. Determine needs vs. wants—and cut where you can

With your budget in place, identify your needs and your wants. Essential items like household cleaning supplies, toiletries, groceries and utilities will likely need to take priority over “fun” purchases for the time being, depending on your budget. Look at how much you’re spending on wants, like new clothing, accessories, and other discretionary items, and consider what you can live without for the time being.

3. Make the most of “monthlies”

Recurring monthly costs can add up. Consider temporarily suspending your gym membership if the facility is closed, pausing public transportation accounts or opting for groceries over meal delivery services, which can be more expensive in the short term. Take a close look at what services you may be using even more now (is streaming video helping you pass the time?) and figure out what you can put on hold.

4. Cut out impulse buys

If online browsing usually turns into “Thanks for shopping,” find ways to cut down on unplanned purchases. Spontaneous purchases can derail your money goals. When the urge strikes, refer to your needs vs. wants list—and focus on the bigger picture.

5. Check with your financial institution for options

If you have a mortgage payment or a car loan, you know interest is a big part of your monthly payment. If money is tight, see if refinancing could help you lower your interest payments over time. Some financial institutions have introduced forbearance options like deferment of auto loans during this time. And if your income hasn't changed, consider making an additional principal payment or two while other expenses are on hold. This helps you build equity, reduces the life of the loan and minimizes interest paid.

I love real estate there is no greater feeling than seeing your customer's happy!!!

 

Find out what your home is worth by clicking here

Find your new home-search the entire State of FL for all available MLS listings click here to search all available MLS properties-click "Find a Home" at the top left-hand corner to begin your new home search  

 

Please contact me if you have any questions or need any additional real estate buying or selling information I'd be happy to assist.

  

Remember if you have any questions about First Time Home Buyers Programs or any Real Estate matter I'm just a phone call or email away. I'm waiting to hear from you!

Pat Champion
Coldwell Banker Vanguard Realty
352-516-7020
1898 N. Donnelly Street
Mount Dora, FL32757
email:patwchampion@yahoo.com

My website: http://patwchampion.mfr.mlsmatrix.com

Find out what your home is worth by clicking here

Find your new home-search the entire State of FL for all available MLS listings click here to search all available MLS properties-click "Find a Home" at the top left-hand corner to begin your new home search

For Winning results call the “CHAMPION” for all your Real Estate needs

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Joe Jackson 09/17/2020 09:59 AM
Topic:
Local News and Events
Location:
Florida
Groups:
1st Time Buyers
Agents who want REFERRALS!
Inspiration !!
Buyer Information - What Buyers Need to Know in Today's Market
Advice for Buyers
Tags:
saving money
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coldwell banker mount dora lake county
coldwell banker pat champion
preparing future

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Rainmaker
2,152,130
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

Thank you for these great tips!

Sep 17, 2020 09:58 AM #1
Rainmaker
3,727,982
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Pat - these are challenging times. Knowledge and proper planning are important.  All the time.  

Sep 17, 2020 10:03 AM #2
Rainmaker
715,996
Pat Champion
Coldwell Banker Camelot Realty - Mount Dora, FL
Call the "CHAMPION" for all your real estate needs

Michael, this is so true. Thanks for stopping by. I hope you have a great weekend!

Sep 18, 2020 01:55 PM #3
Rainmaker
715,996
Pat Champion
Coldwell Banker Camelot Realty - Mount Dora, FL
Call the "CHAMPION" for all your real estate needs

Joe, thanks for stopping by. I hope you enjoy your weekend!

Sep 18, 2020 01:55 PM #4
Rainmaker
5,972,868
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is very good advice to share.

Take care, be safe and have a very special weekend.

Sep 19, 2020 03:32 AM #5
Rainmaker
4,437,668
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Pat, great post, as most of us want to be financially healthy.  I was on a mission last year to reduce my expenses, and feel much better! 

Sep 19, 2020 07:30 AM #6
Rainmaker
1,274,195
Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

Pat

WHAT, winning the lotto not an option? GEE cheers cvc

Sep 21, 2020 01:49 PM #7
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Rainmaker
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Pat Champion

Call the "CHAMPION" for all your real estate needs
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