For many of us, our time in isolation prompted us to embrace new habits and skills to get by during a time of uncertainty. You may have mastered the art of sourdough or planted your own veggie garden to prove your resilience, or simply challenged yourself to find the silver lining in what has been a tough time for most.
Bunkering down to protect the health and wellbeing of those we love has brought us together, tested our patience at times, and has also stretched us to be more resourceful.
As we shifted some of our priorities and adapted to our 'new normal' it’s a good time to ask some questions about household spending over this time.
What have you really missed? What have you learned to live without? As we look to the future and prepare for what lies ahead, it’s the perfect time to rethink your budget and what expenses really add value to your life.
A budget refresh will give you the opportunity to re-evaluate the expenses you no longer need or want, and take control of your financial future with confidence.
There are some great tools out there to help you get started, MoneySmart is a great government platform that will help you refresh your budget and goals. Or you can use an app like Mint or Pocketbook to keep you on track.
To take your financial audit to the next level, we have compiled a few additional ideas which could help you save.
As we adapt to our 'new normal', whatever changes you decide to make, looking into your budget every 3-6 months is a great practice to get into to stay on top of your financial future.
The opinions expressed in this article are the opinions of the author(s) and not necessarily those of State Custodians. The above is general commentary only and is not advice tailored to any individual’s financial situation. We recommend seeking advice from an insurance or finance professional before implementing changes relating to your finances.
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