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It has been a long few months, I’m sure you’ve got more done around the house in the last while then you have in the last year combined! Since you can only mow the lawn or clean every few days, and maybe your running out of projects to do (or not). Why not take some time to plan for life getting back to normal?
Here are a few questions for you to consider as we move towards normal.
- Is your emergency fund in tact?
- It is a good rule of thumb to save 3-6 months of living expenses as an emergency fund. If you had to dip into yours in recent months, or you never had one to begin with, start now. As you get back to work, plan to set aside money each month to build that emergency fund.
- Have you invested through the downturn?
- We always talk about buying low and selling high, few actually follow this. We cannot know for sure where the bottom is in this downturn, but we do know things are cheaper than they were Jan 1, 2020. This crisis like most others should prove to be a great long term opportunity. If you have not invested through this, consider putting extra in your investments over the next 3-6 months. Give us a call and we can help you with that.
- Have you spent less?
- Now is a great time to look at your budget and see how your expenses changed through all of this. As you review your monthly spending, take a look at the things you have spent less on, and ask your self “was this a necessity?” It would be great to carry some of these savings back over to “normal life” and use this as an opportunity to be more efficient with your money
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