It’s stating the obvious, but we are now all living through a period in history none of us will ever forget — “uncertain times,” indeed. The impact on our families, communities, and the country as whole has been, and will continue to be, profound. It’s a scary time, but there’s one important piece of advice that can see you through the worst:
As the old saying goes, “When life gives you lemons, make lemonade.” Today’s economy is a real lemon, but obsessively watching the news and the state of the stock market isn’t going to help. Instead, take a look at what you do have and make the absolute most of it. In this way, you’ll be squeezing maximum value out of your personal finances and positioning yourself for a better tomorrow.
Here is a checklist of action items that you can fine-tune before life speeds back up again. If you’ve never thought about some of these points, that’s okay. Now is the perfect time to get started.
Most people do this once and forget about it for decades, but your estate planning needs change just as you grow and change over the years. Make sure your current plans still meet your needs.
If your insurance auto-renews each year, you might not have the correct coverage for your current needs. You also might be overpaying!
When’s the last time you reviewed your monthly budget? Of course, you don’t want to use the last 30 days of spending as a guide, since many normal spending habits have been forced to change as we practice social distancing.
Recent tax law and IRS rule changes mean that you might be missing out on some savings.
With extra time on your hands, it also makes sense to do some general financial housekeeping to make it easier to review your paperwork in the future.
With your financial life organized and streamlined, you should feel much better about things. You have all of your information at your fingertips, and that makes it easier than ever to make some smart choices about the future.
If you’d like to talk about your investment options and financial planning needs, we’re always here to help. We know it’s a stressful time, and we pledge to do our best to provide clarity, transparency, and advice that will help you make your best moves in these difficult times.
Please reach out if you’d like more help with financial and retirement planning — we’ll be standing by!
In the meantime, stay healthy, safe and sane — and try to enjoy the lemonade you’ve worked to create out of this situation.
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