Managing Your Money During Difficult Times
The last several months during the Covid-19 crisis has seen us all face differing levels of challenges throughout our day to day life.
Often one of the major considerations has been concerns around financial situations which on top of the obvious health worries can prove to be extremely stressful.
For some people, the situation has given the opportunity to take stock of their financial arrangements as in the ‘normal’ world every day priorities limit the time to do so.
The starting point of any financial review is to look at your budget. Cutting back means you can see if you can do without things that you normally buy. It is also an ideal time to look into regular spending such as gas, electricity, phone and broadband providers. I am sure that this has been on many a person’s list to review but again finding the time to do so means it’s often seen as a chore. Even if you are working from home, not having to battle with the daily commute can free up a number of hours every day.
Although things are slowly opening up, we are perhaps someway from behaving as we did pre Covid. This in itself gives an opportunity to build up a level of savings. If you are still working from home, the likelihood is that you are spending less money on travel, coffees and lunches.
For those with money in pensions and investments you will have see values drop, certainly at the beginning of the crisis. It is important not to panic if you see the value going down. Remember, pensions are long-term investments and it is normal to see investments go up and down. Before making any rash decisions, it makes good sense to seek professional advice.
The value of pensions and investments can fall as well as rise. You may get back less than you invested.
Article written by Citrus Financial whose mission is to help you achieve financial peace of mind. Contact them today on 01732 834834
or email them advice@citrusfinancial.co.uk
Author: Helen Loder
Co-Director of Sevenoaks Mums