At KX News, we’ve been talking a lot about financial worries. Aside from the health concerns that come with a global pandemic, paying bills has become more difficult for many of our viewers.
We sat down with a financial adviser to discuss some of the best places to make cuts in your monthly budget to get by.
Edward Jones Adviser Cody Kilgore says your top three priorities are rent, utilities and food. These three bills cannot be sacrificed.
But, he says most of us do a lot more discretionary spending each month than we may realize.
While online shopping and entertainment might keeping you busy right now, he says those are the first places to make cuts. Kilgore says if money is still tight, take a look at all of the subscriptions you might be signed up for, whether that’s Netflix, Amazon Prime, HBO or other apps and services that aren’t as important when times are tough.
“This is usually a stressful time for all people that are retired or working. When you’ve worked your whole entire life and you’re seeing dips in the market like we’re seeing. I feel like sometimes people can see years of income disappear. One thing we always emphasize is, ‘Nothing’s lost until it’s sold’,” Kilgore shared.
One of his biggest pieces of advice: Avoid emotional spending or selling your investments. When you’re thinking about your financial goals, like your retirement, keep thinking long term.