COVID-19: Financial Times
Thank you for your replies and I am thrilled to hear your stories—many of you are doing DIY projects, taking classes, connecting to old friends, getting new puppies... keep the stories coming!
Start by knowing your total financial picture:
1. Know your income and expenses.
- Make a budget.
- Identify two or three items that you can live without and eliminate them.
- Save some money if you can for a ‘rainy day’ fund in the future.
- For more tips on managing your current financial situation visit The Balance.
2. Develop a road map, talk to your financial planner or CPA (if you have one).
- Revisit your financial plan. Stay disciplined and diversided.
3. Read, (but don't obsess).
- Here are a couple more resources you may find helpful while considering your personal economic situation: NerdWallet and CNBC both have great advice.
4. Make a game plan for the present, but try to keep an eye on the future.
- Don’t solve a short-term problem with a long-term disaster. Panic selling has never been a good strategy.
- Keep perspective and look to 2021 when the sun begins to shine.
Don’t be shy to ask for help. This new reality affects everyday decisions in how we spend, how we save, and how we protect ourselves and our families for today and tomorrow.
- Take advantage of extra help if you need it. If you know you're going to fall short, don't just let bills become overdue. Reach out in advance to providers and creditors. Under these unusual circumstances, many are willing to work with you, but it's up to you to let them know.
- New laws make it possible for most federal borrowers to suspend student loan payments for two months. Contact your loan servicer.
- If cutting your budget isn't enough to make ends meet in the current environment, take heart. More help could be available.
I look forward to your calls and emails. I hope you know that I am here to help in any way I can so please reach out anytime. You will hear from me again soon.