CINCINNATI, Ohio — With stores and restaurants reopening in May, there are, all of a sudden, more ways to spend your money.
And while that may be exciting, financial experts say it’s best to keep your budget and financial plan in mind.
- Financial coaches suggest consumers budget their money
- Experts suggest setting up an emergency fund and couponing
- Financial advisors say consumers should invest their money
What You Need To Know
Abundance University Founder and financial coach Lawrence Cain Jr. believes budgeting is key as people look to go out and spend their money again.
“Be mindful about making sure you’re not just overspending on something that could cost you a few dollars or even a hundred dollars less by just being patient,” said Cain.
Cain also suggests that consumers who couldn’t afford to pay their utilities or student loans over the past couple of months should reach out to those companies to set up a plan.
“Right now you could actually plan to attack those bills and those expenses once this over.”
And coming up with a plan to attack those bills isn’t the only advice financial coaches have. Founder and CEO of Financially U Shauntel Dobbins says couponing could really help you save as well.
“You can look digitally— they still have those paper inserts in your newspaper if you still get them manually,” said Dobbins. “Look at the sale. Be strategic. Strategy is your friend.”
She also says creating an emergency fund is an essential part of saving.
“You want to be able to use those expenses, such as your recreational, your dining out, your clothing shopping to increase your emergency savings for those live-happening events.” Dobbins said.
And another way to save for your future is through investing your money.
Founder and CEO Global Eye Investments Corporation Tim Klauke suggests people invest in closed-end funds, which allows you to buy your stocks right away.
“It’s a great way for people who don’t have a whole lot of money to get into the market and be a part of this,” he said. “And it’s extremely important for people who are planning for retirement and have years to go.”