Proactive planning can aid you in achieving short- and long-term financial needs and goals, especially in times of hardship like the current coronavirus pandemic.
Any savings should generally be conserved for emergency items and used as an alternative to taking on debt or selling investments. Additionally, reviewing your household budget and separating wants from needs can help conserve cash. Furthermore, many lenders are willing to grant payment deferrals, which can extend the life of a rainy day fund substantially.
Real-estate debt, whether a lease or a mortgage, presents the biggest risk for most Americans. If your circumstances change drastically, it is important to update cash-flow projections and determine whether your place remains affordable.senior wealth manager at Watts CapitalAs stated previously, since the start of this crisis, more than 26 million Americans have lost their jobs.
Updating your cash-flow projections allows you to manage your budget and know where you stand in the short- and long-term. When cash-flow projections make it clear that cuts are necessary, many people find it helpful to use the four-step process below to decide what non-essential spending to pause: Going line by line, determine which expenditures are incongruent with your values and goals and cut them out.
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