We live in unusual times, so unusual that it’s difficult to project where the United States economy is heading. On the one hand, U.S. stocks, often a leading indicator of the direction of the economy of a country, are pulling a little lower than usual, which economists attribute to the recent surge in the pandemic. Yet, on the other hand, Pfizer and BioNTech are now filing applications with regulators for their vaccine solutions, which have proved 95% effective in clinical trials.
Meanwhile, we all must do our part to contribute to the well-being of the economy by taking more financial responsibility for our roles in the larger scheme of things. By reducing our debt and staying financially solvent, we are in a better position to contribute to the economy.
Here are two ways to improve your financial situation and contribute to a better world:
Manage Your Debt With a Single Monthly Bill
If you have several credit card bills that you need to pay off every month, then you need to pay different amounts at different interest rates at different times of the month. If you forgot to pay one on time, then your credit card company may have added a late payment fee the next month. Perhaps, too, you didn’t pay the full amount on a few bills because you didn’t have the money. Consequently, you fell behind on those bills and paid penalties.
Besides these monetary problems, you also had to take time out of your busy day to go through the process of paying these bills.
It’s possible to simplify the entire process of repaying all your debts by getting a consolidation loan from a lender such as Taft Financial. After paying off all your debts with your consolidated loan, you would only have to pay one bill a month the recurring invoice for your loan. What’s more, you would have made an agreement with the lender to only pay what you could afford after calculating your monthly income and expenses. You would never again have to experience the frustration of not having enough money to pay your bill that month.
Besides making it easier to pay your bills with a consolidated loan, you could end up paying a lower interest rate than before when you were paying off each creditor every month. As a result, you would now pay more on the principal off the debt, making it easier to pay off your total debt faster.
Cancel Subscriptions for Abandoned Services
Since it’s so easy to subscribe to a paid service online, you might have subscribed to several because of the benefits a paid subscription offered you. Later, you may have stopped using the service because you lost interest in it or found a better service to replace it. Unfortunately, you may also have forgotten that you subscribed to the original service because you subscribed so long ago.
For instance, you may have subscribed to Amazon Prime Membership to waive shipping charges during the lockdown because you didn’t want to leave the house to shop for all the things you needed every week. After the government lifted the quarantine restrictions, you abandoned using Amazon because you resumed your normal shopping routine by frequenting your local stores. Distracted by the unfolding events in your own personal life, you may have forgotten to cancel your Amazon Prime subscription.
You can save money every month by spending a day going through your subscriptions and cancelling those for services you no longer use.
Contributing to the U.S. Economic Recovery
Although it might seem that you, as a single person, make little difference to the economy, this is not quite true. Each of us plays a role in the economic well-being of the country. As a business owner or an employee, you are providing goods and services to the country; and as an individual, you are playing the role of a consumer and circulating the currency. So, it’s reasonable to conclude that the better you manage your own finances, the easier it will be to do your part in helping the economy recover.