Fixing Your Finances Post-Pandemic

Written By Tina Martin

A recent poll found that at least half of all people living in America’s largest cities have suffered significant financial setbacks due to the COVID-19 Lockdowns. These financial setbacks include losing a job, reduced hours, or even hourly pay rate decreases. 

Refinance Your Home 

One idea for saving money is by refinancing your home’s mortgage. Doing this may help lower your monthly bills for the duration of your loan anywhere from $20 to a few hundred dollars, depending on a variety of factors. So if you’ve been thinking about home refinancing, now is an excellent time since interest rates are generally lower.

If you have a VA loan, you may qualify for a VA IRRRL refinance, so discuss this with your mortgage provider. VA IRRRL refinancing has an easier application process and takes less time to close.

Pick Up a Side Gig 

While it may be challenging to gain regular employment in many areas, side gigs are relatively easy to come by. One in three Americans already has a side gig. There are many different side gigs to pick up, and they all provide numerous benefits over a regular job. Unlimited earning potential, schedule flexibility, and ease of access are some of the most significant benefits. 

Consider freelancing as a writer, graphic designer, industry consultant, editor, or marketer as a side job. You could also start selling products online through traditional outlets like eBay or by creating your own e-commerce store. Creating affiliate websites is yet another side gig option. In other words, there is no shortage of ideas for side gigs.

Set Realistic Savings Goals 

Many people had to dip into their savings to stay afloat during the pandemic. You can set realistic goals to help build those accounts back up. Aim to save 10% of your income. If that seems too high, then do 5%. The idea is to save an amount that doesn’t impact your ability to pay your bills. If you made $500 per week, for example, 10% is only $50, and 5% is $25. If you put $25 away each week for a year (without considering interest), you’d have saved $1,300.

Reduce Costs Where Possible 

If you haven’t already, now is the time to reduce household costs where possible. Lowering your monthly bills can help make room in the budget for savings. Lower bills are also easier to maintain should you encounter financial problems in the future.

One place to start is your monthly subscriptions. Do you receive a monthly subscription of makeup, clothing, magazines, luxury food items, or something similar? Reevaluate whether you need those. Streaming services are another household bill to look into. Do you watch every streaming service you pay for? If you have more than one, do you think there’s one you could stop subscribing to? 

Post-Pandemic Finances

Many Americans have reported financial hardships related to the pandemic. Now that things are starting to return to normal, it’s the perfect time to fix your finances.

Visit Raxxmorz.com for more insights to keep your finances in tiptop shape!