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Time to Reassess Your Financial Plan? Life During a Pandemic

Insights Financial Planning

Is it time to reassess your financial plan? Life during a pandemic such as the COVID-19 crisis has forced many to reevaluate their finances during this time. 

The choices you make now to adjust your current financial plan can greatly help you for a successful financial future.

Anticipate Potential Loss

Unfortunately, there have been very few unaffected by the financial losses that have arrived due to COVID-19.

While more and more companies are laying off employees or cutting salaries, it is not unwise to anticipate potential loss as this crisis escalates.

Adjust Your Emergency Fund

Given the uncertainty surrounding the time it will take for this pandemic to end, it is wise to consider strategically growing your emergency fund if possible.

Reevaluate your current expenses to see where there might be an opportunity to set aside money each month to save in the event that you may need to access an emergency fund.

Meet with a Financial Advisor

Now is the time to visit your financial advisor to see if you are still on track to meet your financial goals considering the current fluctuations in the bond and stock markets.

Your advisor should also be able to evaluate your current financial standing considering your income and savings projections in order to potentially change your financial plan to set you up for success. 

Cut Expenses

There are many opportunities where you should be able to cut expenses that are not essential during this uncertain time.

Create a budget that reflects the essential expenses and which indicates a focus away from luxury expenses such as eating out, and beauty treatments.

[Related] 4 Smart Money Moves to Make During a Pandemic

Is it Time to Reassess Your Financial Plan? Life During a Pandemic

During this time, it is smart to make sure that you and your family have a plan that can secure your financial well-being for the foreseeable future.

Contact our office online or call Argent Bridge Advisors at (833) 568-4900 today to get started reassessing your financial plan.