Financial Planning During and After COVID-19 In Gilbert, AZ
Last year has been hard on all of us. Not only did we experience a global health crisis, but we also faced a financial crisis too. You may be one of the millions of people who lost their job and had their hours cut. Additionally, it’s likely the pandemic will continue to have an impact on your financial planning.
That’s why you need to follow some practical tips to manage your money so you can have a better handle on your finances right now. At Newman’s Financial Planning in Gilbert, AZ, we help our clients to understand their current cash flow and help them to prepare for a secure financial future. We are here to help you with money management, budgeting, and retirement planning during COVID-19.
Let’s take a look at some of the practical tips you must focus on as you navigate the financial impact of the pandemic.
Prepare an Emergency Fund:
As financial planners, we always advise people to have proper money management. One of the most important budgeting tools is to have an emergency fund established. We generally recommend saving three to six months of expenses in an emergency fund. But after COVID-19, we suggest you have one year’s expenses saved. Cut your unnecessary expenses and dedicate the money to save in the emergency fund.
Reconsider Your Debt Strategy in Gilbert, AZ:
Carrying high-interest credit card debt is never advisable. During COVID-19, the stock market has become more volatile. As a result, the interest rates have fallen sharply. That’s why it’s time to refinance your loans at a lower rate.
For lower interest rates on credit card debt, find a balance transfer credit card. If you have a federal student loans you might have some temporary relief as the government has suspended most payments.
We Can Give Your Budgeting A Makeover in Gilbert, AZ:
Due to COVID-19, the situation is not normal at all. Most of the businesses are operating in extreme uncertainty. Covering only your essential expenses should be your top financial priority right now.
At Newman’s Financial Planning in Gilbert, AZ, we will re-evaluate your budgeting to find new ways to conserve money. With NFP by your side, you will have a more complete understanding of where each dollar of your hard-earned money is going. This will allow you to have better control over your finances and give you peace of mind during this unprecedented situation.
If Possible, Invest More:
We advise against selling your investments right now in Gilbert, AZ. Right now, many people have witnessed their portfolio decreasing in value. And it’s likely the Stock market will continue to experience extreme volatility.
But we still advise trying to invest more in investment accounts and retirement savings to help your chances of a secure financial future. With that said however, everyone’s situation is different and unique which is why a 1-hour complimentary consultation with Newman’s Financial Planning is the best first step.
Refinance Your Mortgage in Gilbert, AZ:
As the Federal Reserve has cut interest rates, it’s good news if you have a mortgage. Now may be the right time to refinance as interest rates have fallen. Even a 0.5% drop in your interest rate could help you to save thousands of dollars on your mortgage.
It is also a great time to shorten the term of your loan. If you still have 18 years to pay for your home then consider looking into a 15-year if that makes sense for your situation.
Retirement Planning for the People of Gilbert, AZ:
After COVID-19 taking the world by storm, having a proper retirement plan is now more important than ever before. This plan should include savings, risk management, and a low cost well diversified portfolio.
Newman’s Financial Planning is here to give the best unbiased financial advice you deserve. We are here beside you during the COVID-19 crisis in Gilbert, AZ.
The Wrap Up:
If COVID-19 hasn’t already struck your financial planning, then you’re lucky. The economic downturn may have a significant impact on your money management very soon.
At Newman’s financial planning, we help you to create and strengthen a financial plan and take control of your finances in Gilbert AZ. So, need help from a professional financial advisor? Call us today at 480-798-9544 to schedule a consultation and find out more information at Newman’s Financial Planning. Your Success Is Our Only Mission.