4 tips for Financial Planning in the COVID-19 Crisis - May 13, 2020
You can’t control the headlines, but you can put your financial house in order.
- Evaluate your emergency fund. If you are working and received a stimulus check, now is the time to sock away cash for a rainy day. Three months of living expenses is a minimum. Six months is more optimal.
- Continue saving for retirement. If you have not been affected by a job loss, don’t forego adding to your 401k or IRA accounts.
- Can you refinance? Mortgage rates are at record lows. You may be able to save hundreds of dollars each month in living expenses.
- Revisit your portfolio. The jolt to the economy has been unprecedented. But stocks have mounted a strong near-term comeback. When in doubt about your portfolio, ask! Difficult times and added stress go hand in hand.
Sometimes, when under pressure, we make decisions we later regret. Reach out to us with any concerns about large financial decisions. We are here to help.