As we navigate our way through Phase I of recovery, it is time (if you already haven’t), to reassess financial routines and have a better understanding of how this ordeal has affected your household and how it affects it moving forward.
We understand that there are various aspects of how this can look in every household. Some are living in a single-person household while others are balancing multiple people under one roof. With either of these circumstances, finances can be more daunting with more stress due to unemployment, less hours reflected on your paycheck, or having only one person employed in your home. No matter the situation, we are here to help with information to help the transition be as easy and clear as possible.
We suggest that if you are receiving any type of income, to allow direct deposit and have those deposits split into your checking and savings account. This ensures that money is being invested and set aside if needed in the future.
Another helpful tactic is to manage your emergency funds. If this is something you have not started, we advise starting this as soon as you are able. One idea is to create an account specifically set aside for emergencies. In the case of last minute or unforeseen circumstances, this fund will be readily accessible and leave your budget intact.
Lastly, even though cash is not normally advisable to carry on your person, we do suggest always having cash at your disposal. This helps in situations where your card is not accessible or when you owe small amounts. Track how much cash you are spending on a daily/weekly basis to help keep you on your planned financial path.
Being aware of spending and keeping track of small or large purchases will not only help you in normal circumstances but will also have a lasting effect for any unseen circumstances. Call us if you have questions or are ready to gain traction on your financial plan moving forward.