In times of uncertainty, it’s easy to feel overwhelmed. With the recent outbreak, families are worried about what the impact of this crisis will be on their employment and finances. We’ve gathered four essential money moves you should make in these uncertain times. Continue reading to learn more.
Reduce your spending. Now more than ever it is important to know where your money is going. You should review your budget and know where cuts can be made. Look at the last two to three months of spending to learn more about any bad habits you may have. Then, start tracking your expenses so you are mindful of your cash flow.
Check in on your emergency fund. If you are experiencing financial hardship, now is the time to dip into your emergency fund. If you do not have savings set aside, you are not alone. Nearly 8 in 10 workers in the U.S are living paycheck to paycheck. With a cohesive financial plan and a little extra diligence, you can grow an emergency fund that will allow you to weather any financial storm. Here are three steps to help you get started!
Prepare for the future. While the recent decline in stocks is discouraging…now is not the time to stop investing in your future. If you are not yet retired, you should still be contributing to your Individual Retirement Account (IRA) or 401(k) and focusing on the long-term. Click here to read our blog post for more retirement planning tips.
Contact GreenPath. SeaComm’s partnership with GreenPath Financial Wellness can provide you with access to debt management services, free one-on-one financial counseling, and financial education tools. Click here or call (877) 337-3399 to discover how this program can lead you to a brighter financial future!