There are many things that have gone bad in the year of 2020. The biggest thing to happen is definitely the ongoing pandemic that’s haunting the world. This pandemic is a terrible thing, but there are many remarkable things to come out of all of this. For one, I’ve been furloughed a few times and worked from so I’ve had a lot of family time. We have spent extra time together playing games and making good use of technology. Seeing that we’re not going anywhere, we have been saving money in the process. Three years ago, we helped my son build his credit to buy a car himself before graduating. A couple days ago, we done the same with my oldest daughter. The youngest one turns 16 next year, so we’re in the process of putting money back for her. Check my 4 ways getting finances in order during pandemic.
One thing we were doing before the pandemic is spending money like crazy. With the ongoing pandemic, we have had a chance to sit back and look into our finances. One thing we have started to take seriously is budgeting our funds. With the budget, we know where our money is going which means we can start saving.
Build Up My Savings
We have about a year before she turns 16, so we need to start saving as much as possible. We’re trying out a savings calculator to help us in putting back as much as we can. With this calculation, we can get a better feel on how we can make. You can also check out one of the calculators to see how you can get to your goal.
Eliminate as Much Debt as Possible
If you’re drowning in debt, there’s no way you’re going to save or budget your money correctly. We are trying to eliminate our credit card debt or any kind of debt you have. One option is debt consolidation where you can hopefully save money in the long run.
Leasing vs. Buying
Before we get a car for my daughter next year, we’re getting another family vehicle. It’s been almost 8 years since we have invested in a new vehicle. The last time we financed and bought a car, but we’re looking at other possibilities. Mt wife wants to lease one and I’m leaning towards buying once again. When it comes to leasing vs. buying, they both are really good options. We used the calculator and we’re probably going to buy once again.
Those are the 4 ways getting finances in order during pandemic. As you can see, this pandemic is horrible, but it’s allowing us to plan out our financial future. Are you getting your finances situated during this time? What big purchase are you looking at? Leave some feedback below.