The Wall Street Journal recently published a piece called “15 Personal-Finance Lessons We Can All Learn From the Year of COVID-19”. Three relevant tips to keep in mind:
- Emergencies do happen. According to the article, Americans should work to build an emergency fund of at least one month of spending. This emergency fund can help alleviate drastic cuts in spending when facing temporary shocks to your income.
- We can be financially disciplined. We were restricted from eating out and traveling. The pandemic gave us an opportunity to reflect on where we are spending in excess and the value of spending moderately.
- You need a will. It’s easy to put off getting one done, but the pandemic taught us to prepare for the worst. Make sure your family understands your wishes and check your beneficiary designations for your insurance policies and financial accounts.
Here at RNDC, we offer several resources to help you with financial planning. Reach out to your Employee Assistance Program (EAP) or Empower Retirement for additional resources.