Now’s the time to make a plan for the future, don’t panic! Advice From A Financial Coach
Now is not the time to panic and make bad financial decisions!
Here are my top financial tips for uncertain times!
1) Stay off media and limit news. It contributes to fear. You can think more clearly if you’re not reacting from fear.
2) Refocus on what you can do and what your priorities are.
3) Eliminate unnecessary expenses for the short term. When you look at your budget, cut out the extra things for a time.
4) Now is probably not the time to pay extra on debt, especially if you don’t have a good emergency fund. Pay the minimum payment and put extra into savings.
5) Keep working and making money if you can. Can you help someone else without taking advantage of them and still make some income?
6) In times of uncertainty, we have to prioritize how to use the money we have. Take care of your four walls first Housing (Rent/mortgage and utilities); Food; Transportation (gas & payment if applicable), basic necessities or clothing.
7) Don’t over-react to the stock market swings. Contact your financial professional and don’t yank money out of the market when it’s down if you don’t absolutely NEED it today because you’ll miss the upswing when it goes back up.
8) Contact your creditors to see if they are offering any deals as far as payments and due dates are concerned before borrowing from a qualified plan like a 401k. You don’t want to borrow against these plans unless it’s an extreme emergency.