In 2020, the pandemic has added a lot of uncertainty in all our lives. With widespread job loss and pay cuts, it has become difficult for us to stay on track with our finances. If you are unable to pay rent or your monthly utility bills on time, then it is a major cause of financial concern.
With Wizely, we ensure that you budget and track your expenses so that you can be prepared for unexpected situations like a job loss and at the same time save up enough when you have the resources to spare some extra cash.
Here are a few budgeting hacks and savings tips to help you get your finances on track.
1. Budget Your Expenses on Wizely
Creating a budget is a practice that one should follow even in the good times. Having a budget calendar can help you manage and understand your upcoming expenses much better. This can help you prepare beforehand and give you a sense of comfort. With Wizely, you can track your daily spends and avoid unnecessary expenses and focus on more savings.
2. Build an Emergency Fund on Wizely
Maintaining an emergency fund for difficult times must-have in any budget plan. Your emergency fund should have enough savings to maintain your lifestyle for at least six months without any income. In times like these, it is better to bring that number up and even have a separate section for medical expenses. The idea is to be prepared for the worst and be at peace financially. Start an emergency fund on Wizely and stay protected in uncertain times.
3. Get a Health/Life Insurance
Much like a budget, having a health and life insurance is also highly advisable. Multiple companies have launched insurance plans designed specifically for the pandemic. Some of these also include aids from the government, which should be availed if you are eligible. It is vital to look out for these and get the best plan for oneself.
4. Understand Your Investments
Most financial management is about managing risk. We all make investments in expectation of some interest on savings while assuming certain risks. With the changing dynamics of the business world, the uncertainty of any asset's performance changes dramatically. These times require us to ensure higher safety of savings. Understand where your money is parked and consult your financial advisor to move it to safer assets.
5. Avoid Debt
Taking debt for business expansion or other credit needs is not bad; however any obligation comes with its own risk. With the level of uncertainty around us, it is best to minimize risks as much as possible.
So what are you waiting for?
Download Wizely today and take control of your money so that you always have enough whenever you need it.