Tips for maintaining financial stability during COVID-19

Coronavirus

Saving is important, especially when you may face unexpected times like what we are all facing right now.

So how can you get better at saving or even begin to save?

Yoselin Person explains.

Financial planners say an emergency fund is the key to comfort during difficult times.

“I recommend having six months set aside so that you can cover your expenses for at least a period of time,” said John Baker, Financial Advisor, Kingdom Financial Group Erie.

Financial advisors say if you have less predictable income you may need more than six months of your expenses saved up.

“If you don’t know what your debts are it might be a good time to take an inventory of that and see where you stand. Then, take a look at your overall income picture and set a plan. Maybe you work with a financial professional or take a look at it yourself and set a plan going forward so you can be prepared for the next time something like this can potentially happen,” said Michael Jones, Financial Advisor, Edward Jones.

Not everyone can save six months salary or more, so experts say now is the time to spend what’s necessary, but to also save some of your stimulus check.

“If you’re saving for a house or saving for a new car, saving for retirement, these are things that if you have a written plan, these little derailments that happen can really be baked into what that plan looks like,” said Jones.

We all want this hurting time to be over, however, just remember when it is over you should stick to your budget.

“I think what really is important is to stay on your budget after this is over with, because after most of us have been cooped up we’re going to want to really go out and have a wild time on the town,” said Baker.

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Source: Pennsylvania Department of Health

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