Dealing with your finances during COVID-19
Dealing with your finances can be difficult enough, but what happens when you add a pandemic to the mix?
"The best thing to do is to take a look at where you're. What do you have in your checking, what bills do you have coming up over the next month and do you have enough allocated for them," says a financial advisor for BMS Financial Advisor, Jarrett Apa.
If you're falling behind on your bills, the best thing to do is communicate with the companies.
"Pretty much out there willing to give some assistance. Especially with mortgages doing that 90-day deferral. If you must do that, then I would say it's a good way to make sure you have money for some of those other bills," says Apa.
The financial advisors also recommend not touching your retirement plan.
"If you're taking money out of your paycheck and contributing to a business retirement plan, continue to do that. And this is the time if you can afford to increase it do it because the market is on sale," says a financial advisor for BMS Finacial Advisors, Hugh Boyle.
Even if your paycheck hasn't changed, This could be the perfect time to take an assessment of your finances. It won't only benefit you now, but also in the future.
"Here's what I'm spending today. If I keep that the same and I get a raise and doing some other things, am I going to allocate that to my savings account, so if this happens again, I do have some money to fall back on. Or do I want to allocate it into my retirement plan," says Boyle.
No matter where your finances are, there's one thing every financial planner agrees on, which is communication is key.
If you're struggling with your finances during this time, here are some resources.