Financial Planning is Both Defense and Offense

Are you concerned about your family’s future in light of so much uncertainty? While we have been dealing with COVID-19 for a while now and have adapted in some ways, the virus has also adapted, so we cannot be sure about what is ahead. As the saying goes, ‘the best defense is a good offense”.

Yahoo! Finance offers “8 tactics to defend your family finances from whatever comes next“. The tips range from things you can do to lower daily expenses to loan refinancing and getting additional insurance.

Look at how your budget “leaks” money on a regular basis:

Do you use coupons or look for online coupon codes? If not, maybe it is time to start. You can also look around to find better deals on things like home and car insurance.

Also consider all of your subscriptions-magazines, streaming services, and curated shipments of certain products. If you are really using your subscriptions or just keep forgetting to cancel them, take the time to eliminate the ones that are unnecessary.

Add to your emergency fund:

Even small amounts will make a difference. Should you need to use your emergency fund, you will be glad for those small amounts because they add up over time. 

And if you have already had to take money out of your emergency fund, don’t forget to build it back up again once you are financially stable again.

Take a relax approach to your investments:

Many of us are feeling anxious about a number of things these days and that makes it easy for us to take actions that seem productive when there is so much that we can’t control. Your money will need time to grow, whatever twists and turns the market takes. You may be tempted to buy or sell based on a headline. Instead, rely on advice from your Fee-Only financial planner and try not to worry.

©Bring Clarity to Your Finances™. Financial Planning is Both Defense and Offense is a post from Bring Clarity to Your Finances™

About the author

Claire Emory, MBA, CFA, CFP®

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