Can Your Finances Stand Up To COVID-19?
The coronavirus pandemic has spread fear to all worldwide. The virus is causing illnesses ranging from the common cold, severe respiratory syndrome to death. This virus has not only caused concern for the health of all but also caused concern for the financial structures for most.
The retirement level is typically the top tier of the financial structure. As individuals start their working career, setting aside money for their retirement funds is highly recommended. During this coronavirus pandemic, many are experiencing a decline in retirement funds and have been told to stay the course. For those that contributed to retirement funds through safe money strategies, they are feeling no panic with this pandemic. There’s no panic for their retirement funds; however, is there panic for the rest of their financial structure?
To help stop the spread of the coronavirus, many have been encouraged to stay home. This encouragement may be beneficial for some but may not be beneficial for all. Some may have the luxury to work at home and continue to receive their income. However, there are many that are restricted and are not able to bring work home. Because of this restriction, they are forced to stay home with no paycheck. If they have demonstrated financial awareness and created an emergency fund, these individuals are prepared for the beginning of this virus pandemic as this is a true emergency.
However, as mentioned, this is the beginning. With your emergency fund, you will need to continue to plan your spending as there is uncertainty on the duration of this virus pandemic. You may need to create a modified lifestyle plan to help your emergency fund to last.
Although you can be applauded for your accomplishment of having an emergency fund. Take a moment to think of loved ones and friends that may not be as fortunate. Think of ways to help them get through this tragic situation.
Financially Mindful hopes you and your family stay safe and vigilant during this critical time.
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