Always Be Financially Prepared: What We’ve Learned From COVID-19

To say that that current pandemic has complicated the financial world of everyday works would be an understatement. Businesses have closed their doors. People are filing for unemployment by the millions. Overall, the uncertainty may be terrifying for many of our clients and loved ones.

However, we also see it as an opportunity to prepare and plan for the days ahead. How can you better save? Could you handle your finances differently? How can you be better prepared?

We want to make sure you and your family are in the best position for times such as these. With that in mind, here are a few ways that you can better prepare yourself for the future.

Identify Your Risk Tolerance

There is always a sense of risk when it comes to finances. You will ask yourself if you’ve saved enough or if you have done enough to protect your family. Understanding your risk tolerance, or the amount of risk that you can afford to withstand financially can help you figure out where you need to take a second look and improve.

Make the Most of Your Income Now

When money is coming in, it’s essential to use it to help secure yourself for the future. Set aside some of your income every week or every month to help build your savings. Start paying down your debt now, so it is not looming over you when finances get tight. These two things can make all the difference in decreasing any future financial stress.

Track Your Virtual Assets

It’s always a good idea to regularly check what you have on auto-payment. Often, there are many services we’re not using, but continue to pay for them. Check your bank account to see how much is coming out of your finances each month and if there are things you can cut.

Set-Up Help Now

Having someone in your corner can always make you and your family feel more secure when tragedy strikes. Now is the time to find the right financial advisor for you and start building a relationship. That way, when something unexpected happens, like trouble with work, an unforeseen expense, or a pandemic, you have someone to turn to for advice.

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Michael Moffa

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