How to be Financially Savvy During Hard Times

Hola bellas! In life, we go through good times and bad times. When we’re going through difficult times, it seems like they’re never going to end, but the good thing is that bad times do not last forever! Have some of you experienced losing a job or someone in your family losing a job? Those times can be extremely stressful, but It is especially important to know how to be financially savvy during hard times.

How can you be financially savvy during hard times? Here are some of our recommendations:

  • Cut costs as much as possible
    • Did you go on a beauty haul shopping spree or buy tons of clothes? (which no longer fit in your closet? ;)). During this time, you can use the makeup and clothing you already have. It would be a good time to clean your closet. You might realize you have more clothes than you thought. Also, if you’re getting emails notifying you of sales, you can unsubscribe from these emails so that you don’t get tempted to purchase something because it’s on sale. Take the time to look at where you’re spending your money. Look at your credit card activity for the past three months to see where most of your money has gone. If you did not use your credit card and paid in cash, look at your receipts to see where you spent your money.
    • Maybe you went out a lot? This would be the perfect time to stay in more! You can make it fun and have movie nights at home or catch up on all your favorite Netflix shows or telenovelas (soap operas). It will also save you money on gas since you won’t be driving anywhere.
    • Did you spend most of it on dining out? This is a great opportunity to eat-in. You can save a lot of money, and it can also be beneficial to your health because usually, home meals are healthier than takeout.
    • Maybe you realized you’ve spent too much money on Starbucks coffee. You can start brewing your coffee at home, or you can buy instant coffee to save mucho dinero.                   
  • Stick to your budget
  • Buy things when they’re on sale
    • Nowadays, with the internet, we have the advantage of being able to search for sales and good deals online. If you’re interested in buying an item, do research online and see what store has it at the best price. Also, always search for a promo code!
  • Look for additional sources of income
    • Maybe you can walk dogs or babysit in your free time. If you want to work from home, you can also consider doing freelancing or other work online.
  • Avoid using your credit cards so that you don’t pay high-interest rate
  • Contact your creditors (mortgage lenders, car lenders) and credit card companies
    • Let them know that you’ve lost your job; some of them can work with you to delay or suspend payments.

By being financially savvy, you can save lots of money! Remember, don’t get discouraged, we all go through some tough times, but most of the times they’re short-lived. Échale ganas, tu puedes! (Put some effort into it, you got this)

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