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RE Pros: Ways to Save When Money Is Tight

News about economic tumult may be making you feel jittery about your finances. A “housing recession,” characterizes the current market slowdown, may be daunting for real estate pros whose commission checks can vary greatly with the ebbs and flows of the real estate cycle.

To weather potential business hiccups, financial experts offer money-saving tips:

Beef up reserves.

A reserve account consists of savings to cover unforeseen expenses, which can be crucial during tough financial periods. For the self-employed, a good rule of thumb is to put enough savings to cover six months of expenses into a cash or stable value-type account.

Revisit spending habits.

Scrutinize your expenses to find ways to reduce or eliminate excess. You might be surprised how much you can save by eliminating extra television services, daily lattes and memberships. Pay special attention to items like your car or homeowner’s insurance. Cut back on non-critical spending, such as dining out, gym memberships, coffee shop visits and cable TV, and find more ways to save.

Get smarter about taxes.

Work with a qualified tax adviser to ensure you’ve taken advantage of every tax-reducing method available to you and that your business is structured appropriately. The top financial mistake real estate professionals make is not saving enough for taxes and missing out on savings.

Create a budget.

You’ve heard it before, but now is a good time to have a budget. Too often, many people discount the concept of making a budget until they find themselves living in lean times. It is always better to be prepared – and trained – before you need to adhere to a tight budget. Have a personal and business budget that estimates your earnings and expenses and breaks down a full list, item by item, of regular expenses.

Keep on investing.

No matter the market, it’s always smart to continue investing. Also, investing even a little amount could make a significant difference over the long haul.

Bank on the future.

Retirement savings are often one of the first expenses people nix when finances get lean. Set aside at least 10% of gross income for retirement. If you haven’t been doing that, you can still catch up. Most real estate professionals have their biggest earning years in the latter third of their career.

January 24, 2023.Florida Realtors. RE Pros: 10 Ways to Save When Money Is Tight.

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