COVID-19 has been the major challenge of our time, and while the economy has taken a hit, it will recover in time. Moving forward, here are three things you may wish to consider to boost your post-pandemic financial planning.
- Save for better days with a rainy day fund. COVID-19 was nerve-wracking for everyone, especially those without any savings.
- Focus on debt. Avoiding high-interest debt is the best course of action. Things like credit cards or lines of credit can add up quickly, so paying it down avoids additional interest expenses.
- If you have investments, sit tight. The current loss of value is thought to be a result of market instability caused by the workforce shutdown and uncertainty about the future. Now is not a good time to sell off investments, as they are likely to recover in the long-term.