With oil crashing 30% overnight and the first halt of trading since 2008 recession (trading halted for 15 minutes as the stock circuit breakers were hit after we were down 7% this morning), Dow closing in 2,000 points down (worst point drop in its history)… etc etc I think about what I can do differently for my personal finances. Really, it’s what I do on regular days and I wanted to put actionable steps in case it can help anyone.
Themes are to Reduce big expenses, minimize smaller habits by tracking daily spend, continue investing into your 401(k), have an emergency fund and continue focusing on your health and well-being while learning new skills to increase your income.
1. Reduce interest rates on debt if possible:
refinance my mortgage, call credit cards to see if interest rate % can be reduced
2. Don’t let insurance auto renew:
call and get new quotes for home & auto to find a better rate
3. Focus on reducing expenses:
track my spend daily using my trackers. I use a weekly one (FREE LINK here) and then summarize it in a monthly version (LINK here for pre made 12 month 2020 calendars for Instagram/Facebook stories and posts for only $3)
Here is a look into how I budget with the 50/30/20 rule:
– How I spent my paycheck in March 2020
– How I spent my paycheck in February 2020
–How I spent my paycheck in January 2020
4. Make calculated decisions:
Don’t panic, but write out all my options and weigh the pros and cons before any decision
5. Keep Emergency Fund:
Make sure I keep enough cash for emergencies as well as unique buying opportunities.