Adapting during this period of uncertainty that the majority of Americans are now facing requires additional personal steps for achieving long-term savings.
“In times like these where many Americans are worried about financial steps they may take, it is important to have a plan and educate family members,” explains Jeff Jackson, a First Horizon Bank regional president. “Look at all your expenses and reduce things that are possible.”
Jackson, who oversees Florida for First Horizon, provides these Top 5 tips towards savings during an unprecedented time in our country’s history:
Boost your emergency savings by going on a budget and establishing a tighter monthly spending plan. There are apps like MINT to assist with less spending.
Review your expenses for entertainment – consider a Netflix subscription as a valuable way to save towards family entertainment at home.
Set a savings goal and have conversations with family members to get their buy-in.
Establish a weekly food menu. Engage family members with meal preparations that may include freezing some food for a later date. This also saves time and money with larger quantities of food utilized.
Consider online shopping. Also think about online purchases for pet expenses such as dog food and treats.
“Most importantly, remember to have your family members understand why it is necessary to save during times of uncertainty,” emphasizes Jackson.
For more information, visit www.firsthorizon.com