- Look at your investments
If you do have investments, they’ve likely lost a lot of value in the recent weeks. It’s natural to want to panic and make adjustments, but the best thing you can do right now for your investments is to not panic. Fight your urge to take your money out now and remember that you are investing for the long term. If you have some cushion to live on in today’s market, it can even be a good time to purchase stocks and bonds as they are relatively low cost. If you are worried or need advice, call us and we can go over your portfolio and make suggestions to ease your worry.
- Pay down high-interest debt
In order to try and protect your family in the long run, this may be a good time to pay down your high-interest debt like a personal loan. A lot of lenders are offering deferments on payments, but in such a fluid economy, making a large payment on a loan may protect you from hardship down the road. If you or your partner experience a layoff or furlough later on, you won’t be as worried about your high-interest debt and can just focus on your bills short term.
- Establish an emergency fund
If you don’t already – having an emergency fund is one of the best moves you can make financially for your family. Even if it’s not a pandemic, life happens and emergency funds are a great way to keep yourself from getting into debt and financial trouble during tough times. If you have money set aside for travel or other leisure activities for the year, consider repurposing it as an emergency fund during this time.
- Consider insurance options
Utilize this time to get the busy work associated with insurances done. Whether it is looking into new car insurance companies offering discounted rates during COVID-19, or calling Wealth Preservation, LLC to get an over the phone rate assessment on life insurance, it’s a great opportunity to check-off your to do list during this down time.