The COVID-19 pandemic has halted life as we know it. You can’t go about your daily routine anymore. It is difficult to touch base with family and friends
Like many people, when you get ill or hurt you schedule a checkup with your health care provider. It usually includes a health history, physical exam and tests to get you back to normal. It is important to have a regular family health care provider who helps make sure you receive the medical care that is best for your individual needs.
People are considering, or potentially reconsidering, what assets are held in their families’ portfolios going forward. Now is the ideal time to step back and complete a check-up on your finances.
If you aren’t able to work at the moment, or your income has been reduced because of coronavirus measures, you should look into claiming benefits and other financial support that is available as soon as you can.
- Set up online banking: Most banks offer online banking services that enable you to pay your bills, transfer money, and access a record of your account transactions from your web browser. Banking from the comfort of your home, at any time of the day or night, makes everything you do with your finances a bit easier. Adding and receiving funds from your Rothenberg accounts is easily done through your online banking. The transaction only takes 1-2 business days to complete.
- Reassess your budget: During the pandemic, your budget likely changed as you spent more on groceries and utilities while saving on fuel for the car and entertainment. But as economies reopen, it’s time to reassess your budget based on your specific circumstances. Will you work from home permanently? How will you handle childcare? With a new life routine, you need to reassess spending to ensure you don’t slip into debt.
- Continue to work from home? Canadians who’ve started working from home due to the coronavirus pandemic are seeing some benefits. Most Parents said their work-life balance has improved now that they aren’t commuting. Top 3 things you will save and spend more on working from Home.
-
- Save
- Commuting to work costs
- Food and Coffee
- Clothing Costs
- Spend
- Internet Costs
- Home office costs
- Utility Cost
- Save
-
- Update Power of Attorney/Directive and Will: This pandemic has reminded us that anything can happen in the blink of an eye and our good health is certainly not guaranteed. Great job if you have these documents in place, but it may be time to consider updating them.
-
-
- A Personal Directive is a legal document, that allows you to name someone you to trust to make decisions on your behalf should you lose mental capacity and list the areas in which they have decision-making authority (e.g., health care, residential issues).
- A Power of Attorney is a very similar document that you name someone you trust to take care of your financial decisions.
- Will A is the document that dictates how your assets will be dealt with and distributed when you pass on. Your will is meant to dictate your wishes of who receives assets and when they receive them. It is important that the creation and revision of your will ties into your overall estate planning.
-
-
- Review existing insurance: Regardless of this health scare, you should be buying the appropriate amount of insurance coverage to protect you and your family at the earliest time you can. Such coverage only gets more expensive with age. Also, take a look at your group Health Benefits as they will have updated their policies regarding online visits and other COVID 19 measures.
- Update your Financial advisor: Covid-19 has shaken global stock markets as they react to severe global value chain disruptions and an unprecedented oil price drop. For investors, questions remain over the best strategy to ride this wave of volatility. Depending on your age, you may have time to make up any losses that could affect your retirement plan.
-
-
- Portfolio Rebalance historical experience leads us to advocate an approach of disciplined rebalancing, enabling investors to stay focused on a long-term investment policy
- Review your Financial Goals/ Retirement Plan There are no doubt investors nearing retirement have been impacted by the COVID-19 crisis.
Those with jobs should hold on to them while the crisis is still uncertain. No one knows how long this will last and remaining employed is a great way to preserve your capital
-
-
Conclusion
Don’t Forget to Reward Yourself for a Job Well Done there is a lot of work and decision making in getting your finances up to date. Remember to take time to celebrate and reward your self and the family for helping out and getting through this life-changing event. These steps can help get you back on track—and back to saving money – more quickly.