Financial Tips: What Can You Do During COVID

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Hi Taylor - I’m sheltering in place with my children for the foreseeable future. My husband is still able to work, which is nice, but I’m trying to figure out ways to save and stay on top of our finances so we don’t find ourselves in a hole when things go back to normal. Any ideas? - Marci

Hey Marci - Glad to hear your family is doing well and still bringing in some income. These are really tough times for the people who suddenly can’t go to work through no fault of their own. You’ve got the right idea - look ahead and think of what can be done now in order to keep yourself afloat when we get to the other side of this. Here are a few thoughts to help you keep things in order.

1. Make some phone calls. A lot is being done to help workers and keep industries above water, so there could be some kind of relief available to you that you don’t even know about. If you have any debts or bills that might push you over the edge on a given month, reach out to your creditors and collectors. I keep getting emails from different banks outlining the ways they’re trying to ease the financial burden felt by customers, so it’s likely you can get an extension on a balance due if you just make a call.

2. Don’t panic. I’ve been telling people for weeks not to freak out about what the markets are doing, since volatility during a crisis is a guarantee. If you and your husband are looking at your retirement accounts and wondering if you need to sell your stocks and put it all in CDs, don’t! This is a time to be concerned with covering our basic expenses, but there’s no need to sell the farm.

3. Sign up for our 14-day course. Since so many people are in your exact situation, the Kovar team is launching a 14-day COVID Financial Cure course, providing enrollees with a daily task that will help them get their finances in order. We’ll tackle everything from improving your credit score to making smart investments, and all the work can be done easily from your own home. My hope is, in addition to providing useful information, the course will help steady people’s nerves as they worry about covering their bills in the coming months. Head over to GoFarWithKovar.com/COVIDFinancialCure for more information!

There are plenty of things to do when it comes to managing your wealth. Instead of worrying about the things you can’t do while you’re stuck at home, start thinking about the actions you can take to keep your financial forecast sunny and join us for the 14-day course!

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