Repay 20% of your credit card debt: Americans have much too much credit card debt, with an average of $8,000 owed per household. So, aim to pay off 20% of what you owe by the end of 2022. That would amount to around $1,600 for the average household, needing $133 monthly payments with a card giving 0% on balance transfers for at least 12 months. You can run the figures in your scenario with a credit card payoff calculator, and if you can afford greater payments, go ahead and do so. The sooner you can achieve debt freedom, the better.
Sign up for free credit monitoring: By signing up for free credit monitoring, you will be able to receive quick notifications if there is a significant change to your credit report. It decreases lag time while detecting problems and provides you with the peace of mind that comes from knowing you won’t miss anything.
Ensure you have enough insurance in case of a disaster: COVID has demonstrated how fragile and valuable life is. And if you rely on others, the epidemic should emphasize the necessity of ensuring that those people are taken after even if you are not there or able to work. This entails taking steps such as acquiring life and disability insurance and ensuring you have adequate health insurance coverage.
Look for a better job: Sometimes, we get so caught up with spending less and saving more that we forget about the other side of the equation ā our income. However, the advantages of finding a higher-paying job may outweigh everything else. The pandemic also shows how important it is to find the right remote job opportunity. Working remotely helps you save money on commuting, reduce health hazards, and have more discretion in deciding where to reside. In addition, moving somewhere with a cheap cost of living can allow you to stretch your money much further.