Start Planning Your Post-Pandemic Finances
Although the pandemic isn’t over, the percentage of vaccinated adults is increasing by the day, which brings us closer to the end of it than we have been up to now. The thought of getting back to normal is exciting, but what will that do for your budget? Let’s take a look at preparing for post-pandemic finances.
Evaluate Your Current Situation
Whether you spent more, saved more, lost your job or worked loads of overtime, everyone’s finances have been affected by the pandemic in some way. As we approach a more stable way of life, take stock of your current financial situation so you can decide on your priorities moving forward.
Get Back to Budgeting
When things are uncertain, it’s easy to fall into an “anything goes” mindset and let things slide. If you’ve abandoned your budget and haven’t been keeping track of your spending, it’s time to get back in the habit. Rather than seeing a budget as something restrictive, look at it as giving you more freedom, because it helps you understand exactly where your money is going. After more than a year of uncertainty, the structure of a budget will help you get back to some normal routines.
Replenish or Establish Emergency Savings
The pandemic put emergency savings in the spotlight like never before. Many people experienced their lives changing literally overnight. Those without emergency savings found themselves struggling throughout the last year. You’ve heard it before, but it’s never been more important to save money to cover your expenses in case of illness or job loss. Start with a goal of saving $500 and continue building on that until you have at least 6 months of living expenses saved.
Recommit to Your Job (or Find a New One)
If you were fortunate enough to remain employed throughout the pandemic, it may feel like your career has been on autopilot. And if you’ve been working from home, it can be even more isolating. Now is the time to re-engage with your job and make moves to energize your career. Schedule time with your manager to review where you stand and what they anticipate for the business in the coming months. Or if you’ve been thinking it’s time to try something new, jump back into a job search; companies are hiring again, and it may be the right time for a job change.
Make a Plan to Deal with Debt
Understandably, many people used credit cards to get through the pandemic. Unfortunately, paying off that debt could take years. If you’re feeling motivated to pay it off more quickly, a debt management plan may be the right solution. Start by completing our free online financial review to see what your options are. If a debt management plan is the right solution, we’ll explain what happens next and help you get started.