Struggling Financially? Here Are Six Things to Consider...

With today's financial climate, juggling life's curveballs isn't always easy. Luckily, there are some things you can do to make it easier without necessarily 'dropping the ball.'

Price shop Your Insurance

It's easy to take the first offer you see or get sucked into a deal with insurance companies who advertise 'affordable' insurance. Some companies can charge hundreds of dollars a month just to cover a single vehicle. Not only are you paying more for less coverage, but the expense also takes a large chunk out of your finances that could be used elsewhere. That's why it's important to work with an insurance broker to make sure you're getting your money's worth of coverage with your current insurance or check to see what sort of deals other insurance companies offer. Bundling home and auto, for example, is a smart way to save money and make sure you're protected from whatever might happen. If you're looking for better deals but don't know where to start, insurance agencies like DFS Insurance can help. 

Craft a Budget and Stick To It

Creating a monthly budget is a great way to save money, but only if you follow through. Keeping track of your expenses will help you see how much you normally spend and give you a good idea of the parameters you can set for yourself. A good rule of thumb is the 50-30-20 budget rule: Spend 50% of your paycheck on needs, 30% on wants, and 20% on savings. Let's say you make $3000 a month; $1500 should go to things like rent, utilities, or groceries. $600 should go to savings, which leaves you with $900 to spend on anything else you may need or want. That may seem like a lot, but you'd be surprised how much you spend in a month! Keep track of that extra money and be sure to use it wisely, otherwise you'll have less to work with in the coming months. 

Look for Deals online and in-store sales

Some stores are pricier than others, which is true on the web and in person. If you're worried about affording groceries, it might help to do a little research. Some stores offer rewards for loyal buyers, some have weekly deals for certain items, and others may sell discounted recycled items from previous owners. Whatever you're looking to buy, it's always a good idea to see if another place is cheaper before making that purchase. Downloading each store’s app makes it even easier to compare prices and access exclusive offers.

Deals are also important to keep track of when shopping online, especially since most websites have delivery fees or unexpected taxes. There are ways to combat this, such as comparing offers or even using browser add-ons that can check if a site offers the lowest price or if another site offers one at a better price. Depending on what you're looking to purchase, it may be less expensive to go to a physical store rather than online, though it's always worth a look!

Note: Always research browser add-ons before you add them, and don't click on online ads! You never know where malware may be hiding. To add a browser add-on, simply access your search engine's add-on store, look up the type you need, and install!

Use Coupons, Rewards, and Promo Codes

Coupons are one of the greatest age-old ways to save - a free way to get a few dollars off an item at your favorite grocery store. Promo codes are the newer equivalent for online items; they are codes you can enter at checkout that will give you a slight discount. There are websites to help you find promo codes; otherwise, some companies may offer them as part of a deal, though it's always important to be careful of what you click. Remember to stick to your budget when couponing and only buy what you need!

Some places also offer cash-back systems, like our Better Rewards credit card, which earns you cash each time you spend. Some banks have cash-back accounts; some stores offer loyalty cash-back perks; and, of course, credit cards like Better Rewards earn you money towards gas, groceries, or wholesale club purchases each time you use them. Levo even has a week of earning 3% cash back on all purchases during Black Friday week!

Find a lower APR for your credit card

Why pay a crazy monthly interest rate on a credit card? If you use your credit card frequently, paying attention to the APR is especially important. The higher the rate, the more it will cost you to use the card. For example, Levo's Better Rate card offers a lower rate and an interest-free grace period on all purchases if the pay-in-full amount is paid by the due date. Switching to a card with a low APR could take a bit of the burden off your shoulders and allow you to focus on other areas of spending.

Little Things Add Up

The best way to improve your finances is to investigate your expenses. Where is your "fun money" going? What kinds of subscriptions do you have? What can you live without? Once you've answered these questions and have decided where to reduce your spending, use those extra funds towards things you need. Or, open a savings account. Certain savings accounts, like Super Shares or Certificates, can earn you money as they sit unused. The more you save, the more you earn, the more freedom you have to spend.