Please know I share these suggestions with the intention of helping you to be financially proactive through these uncertain times. My wish is that your actions come from a place of strength, not fear. As with any financial decision, it’s important you weigh the suggestions and opinions of your advisors and accountants.
Ideas you may wish to consider to help keep you and your family financially healthy and strong in the midst of #Covid19:
Have emergency cash on hand. While we’re not certain to what extent social-distancing and self-isolation will take in the days, weeks, and months to come, it might be prudent to have quick access to emergency funds.
Suspend automated investment contributions. Of course, this depends on your current financial situation, but if you feel you'll need access this money in the near future, the fees and penalties you may pay to cash it out will likely be more than any capital gains you make on it.
Delay any non-essential spending. Obviously, vacations abroad are out. But for other expenses, this becomes a personal choice dependant on your level of current financial security. If you have less than three months of saving set aside, may I suggest holding off on buying non-essential items.
Cancel/reduce unnecessary subscriptions. This is tricky because I know for many of us, this is a time when we’ll heavily rely on Audible, Spotify, Netflix. I’m just asking you to think it through. If there are monthly subscriptions you won’t be putting to use, get them off the books.
Investigate Skip-A-Payment mortgage options. Many mortgage lenders provide a Skip-A-Payment program. Some lenders will even offer an extended program where you can skip payments for up to four months.
Stay strong. Stay healthy.
With love and compassion,