As health professionals around the globe work together to face our current pandemic, financial professionals are also working with one another to help their clients navigate the current economic downturn. Though most are, understandably and rightfully, focused on their loved ones and the safety of their health, we also would like to ensure that your future and hard work is as protected as it needs to be. Indeed, there seems to be trying times ahead for many of us, but businesses and government at all levels are taking steps to ease the burden on the thousands through federal government checks, EI relief initiatives and general cooperative private sector accommodations. (Related: Good News in Tough Times)
Beyond the planned resources that the government hopes to provide, in financial assistance, over the next few months, there are steps that you can take to ensure that you are as prepared as you can be in this challenging time. Take a look at your spending and don’t get driven by fear to over-spend. A budget makes you aware of where money is going. Track your spending online and try to reduce ordering food. Furthermore, be mindful of the additional leisure and entertainment options you may be tempted to add to your regular staycation (for example ordering On Demand movies). (Related: Making Practical Decisions)
Be sure to not be overwhelmed by the emotions of the current time and to make practical, safe and future-proof decisions which will ensure that you have stability in your retirement and or that your family will be protected in years to come – long after this current situation has passed.
Because most things are being paid for by credit, to avoid contact, be mindful of your credit card interest rates and try to make bulk purchases in order to avoid additional charges (if applicable). A lingering downturn can lead to temporary or long-term job losses. If your area of employment is vulnerable, look at your current savings and plan for unexpected loss of income. Also, contact your government service officials to assess the best options in terms of employment insurance. If need be, contact your creditors and bill collectors to review and perhaps adjust your payment schedules during this time.
Ultimately, these uncertain times do pass. As shown in history, challenging moments such as these do not last indefinitely. Therefore, looking at the big picture is also important. Assess the future of your strong investment strategies, life policies and retirement plans. Be sure to not be overwhelmed by the emotions of the current time and to make practical, safe and future-proof decisions which will ensure that you have stability in your retirement and or that your family will be protected in years to come – long after this current situation has passed. (Related: One Lifetime, Six Major Expenses)
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