As a financial coach, my goal is to help you gain the knowledge and skills to personally manage your money wisely. On an emotional level, I aim to help you become more confident about how you do it. Whether it’s becoming financially independent or quitting that money shame game once and for all, I love seeing my clients learn better money skills to achieve their goals.
Smart Money Moves During a Pandemic
There’s so much uncertainty right now and most of us are just trying to keep our wits about us as we navigate an unprecedented health crisis. It might not be a top priority but making the right financial choices today can help bring some sense of control in these unsettled times.
1. RESPOND Don’t React
Lots of us are spending more time than ever scrolling through social media feeds. Avoid acting on misleading or inaccurate information. Get your information from reliable sources and experts like your financial coach.
Though no new stimulus packages have passed, unemployment’s been extended for many and the Family CARES Act is still a great resource for people who need paid sick leave for COVID-19-related reasons. One of my neighbors tested positive for the virus and didn’t know her husband could get paid time off to support her during quarantine.
2. MAKE a Plan…
…and be sure YOU know what that plan is!
- Write down your life goals to better visualize what you need to do financially to achieve them
- If you’re in a relationship, don’t put off talking about money and for sure don’t let someone else manage your plan
- Bring in the right experts like a financial coach to help you make smart money choices
- Make daily money management a priority
Depending on what you read or who you talk to, anywhere from 50 to 80 percent of employees in the U.S. are living paycheck to paycheck. My advice? The BEST way to manage uncertainty is to stay on top of your finances. Now is not the time to being taking big risks with your cash. You can put aside any extra as a debt repayment plan but take a cautious approach to paying down debt right now.
3. EDUCATE Yourself
What’s going on in the financial world that affects you?
- Interest rates on mortgages just went down again, so it might be a good time to look into refinancing
- The incoming presidential administration has proposed tax increases on those who earn over $400,000 a year, and tax cuts are proposed for lower earners, including an $8000 childcare tax credit and $3000 child tax credit
- We might also see, finally, an increase in the federal minimum wage from $7.25 to $15 per hour
4. STAY on Track with a Las Vegas Financial Coach
The holidays are coming and this year they’ll be much different for all of us. Commit to making the best out of every penny you have. Take a deep breath and make decisions more slowly than usual.
Finally, as we make our way through a change of administration and uncertain COVID winter, stay realistic about your holiday spending plan and save money wherever possible right now. And remember – I’m here to help as a certified financial coach!