Ways to Protect Your Bank Account Before It's Too LateWith the world coming to a standstill, experts are predicting the worst. Recessions can mean foreclosures, layoffs, and that's only the tip of the iceberg. Whether it's stressing over paying rent, fears of a pay cut, or worries that you don't have adequate reserve funds, these stresses can keep you up at night. Luckily, there are a number of steps you can take to protect yourself financially. Now is the time to get advice, read tips, and prepare for whatever might come. Discover a number of steps you can take to pay off past commitments, cut your bills, and be insured against the unknowns in the sections below.
1. Save on Auto Insurance
Having the right car insurance for your specific needs makes it easy to confidently go about your day and live your best life. Most car insurance providers offer you a choice between Comprehensive, 3rd Party Fire, and 3rd Party Only vehicle insurance, so you can take the one that best suits your needs. However, it's important to note how competitive different car insurance companies are, and how often you may be able to save money on coverage by switching to a more basic provider like GEICO. Auto insurance companies let you obtain car insurance quotes online easily so that you can compare the costs and coverage of multiple providers.
2. Get Life Insurance
Worried about your family if something were to happen to you during these difficult times? This is a question that many people are pondering right now. Fortunately, regardless of what happens, life insurance is a viable solution. Plans are available from different companies like USAA and MetLife, and some plans start as low as $8 per month. Take a look at quotes online to find a policy that works for your budget and provides the security your family needs.
3. Stock investments Options
Economic slowdowns tend to be cyclical, which means that another recession may be coming in the future. Regardless of whether it's drawing near quickly or still far off, it's a good idea to prepare for this possibility in the stock market. During a recession, you may be inclined to abandon stocks. However, specialists say that there are regularly a handful of stocks that tend to keep moving onward, giving their investors consistent returns. Be sure to look into these consistent stocks as a way to protect your finances during difficult times.
4. Get Emergency Funds/Personal Loans
During this time, you may have a number of reasons to consider borrowing money, such as if you need emergency funds for purchasing household essentials, paying for medical treatment, paying off credit cards, and more. The good news is that personal loans are an effective way to get emergency cash fast. You can potentially get the cash in your account in as little as a week after you apply. Depending on your needs, your credit score, and the lender, you can be approved for a small loan of around $1,000 or as much as $15,000. So if you need extra cash, don't hesitate to look at online loan options and their interest rates today.
5. Negotiate Your Phone and Cable Bills
Recessions are a time to buckle down and cut costs where you can. Two ways you can achieve this is by negotiating with your cable, cell phone, and internet providers to get better rates for the same service. One thing you can do is talk to your current provider about the fact you are considering switching to another company's services (i.e. AT&T to Comcast or Xfinity internet). This will often encourage them to work with you and give you a lower rate. You can also simply make the switch, as promotions among cable and internet companies are ongoing and very effective for savings especially during the first year. You may also consider switching to streaming services for entertainment, like Netflix, as many charge less than $20 per month.
6. Protect Yourself Against Unemployment
If you are unemployed or fear that you may become unemployed in the future, there are numerous steps you can take. First of all, the U.S. government offers financial assistance programs like unemployment insurance to provide you with funds while you search for work. You can apply for unemployment online through your state department if you meet the eligibility requirements (such as losing the job for no fault of your own). After filing for unemployment compensation, you can start looking for jobs with good stability and flexibility. Luckily, there are plenty of work-from-home jobs available, including jobs in writing, data entry, at-home product reviews, online surveys, and more. Many jobs have minimal requirements and may be quick to hire in this economy.