Pandemic proof your financial future.
Let's be honest, none of us really know how long the Coronavirus pandemic will last, how long our lives will be affected or what the knock on effect will look like for us financially down the line.
Besides the health of you and your loved ones, your outgoings and your job security, the ongoing pandemic is a worthwhile opportunity to perform a financial health check due to the continuous uncertainty that surrounds us. Let's face it, not many of us can cope without a wage for a month or two, let alone for months on end and so many are being hit hard financially or learning some difficult lessons.
Here are our tips to make sure you are in the best position possible for when we come out of lockdown living...
Make a plan for the future
We're talking protection policies, your will and your pension at the very least. None of us know what lies ahead and if the pandemic has taught us anything it's to get organised for peace of mind.
Start saving for an emergency fund
We have spoken about this a lot, but circumstances can change and then when your washing machine dies, you'll need access to a contingency fund to pay for a new one. It's never too late to start saving, even if it's a small, yet manageable, amount each month.
Revisit your household budget
Where could you cut back on in order to save for your emergency fund? Or to pay for those much needed protection policies such as critical illness cover and income protection?
Protect yourself and your loved ones
Speaking of policies (because we're going to mention it AGAIN) the pandemic has proven that anything can happen, anytime. Protect yourself for a financially secure future, and protect your loved ones in the unimaginable circumstance where you can no longer provide for them. A horrible thought, but it can happen. Don't forget to update your will in the process (or get one if you still haven't got one!)
Have a financial health check
You need an honest assessment of your financial situation, and the best way is to work with a non-biased adviser (like us) to guide you, especially if you have entered a debt spiral - you'll want to create a plan to get out of it.
*Will Writing is not part of the Quilter Financial Planning offering and is offered in our own right. Quilter Financial Planning accept no responsibility for this area of our business*