July 21, 2020
Financially Speaking - Life as COVID-19 Goes On
Life as we knew it came to a screeching halt because of the coronavirus pandemic. But now things are slowly starting to open back up again, and that means the quarantine and quarantine life is ending for millions of Americans who have been cooped up in their homes for weeks.
What does that mean for you? Is it only that you have to get up earlier to get a shower and put on “work” clothes? Maybe this is a good time to take a new look at your financial situation.
When this crisis began, you might have gone into “survival mode” and focused on taking care of the essentials, food, utilities, shelter and insurance, and nothing else. As the quarantine winds down, it’s time to take a step back and look at your current situation. That way, you can make decisions that work for you.
When your income becomes stable again, revisit your budget. You have lived on a slimmed down budget for several months. Maybe you can continue to live on that budget until you have a savings of at least $1000 and begin the process of debt reduction. Attack your debts as fast as you can. Having debt lying around will leave you financially vulnerable if another crisis or emergency hits.
If there’s one thing the pandemic has taught us, it’s that we need to be prepared for whatever life throws our way. Today, it’s a global pandemic. Tomorrow, it might be…….