Money Management for Female Professionals During the Pandemic
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We are reeling from the effects of COVID-19. The stress of uncertainty weighs heavy on all of us. Many are faced with the challenges of balancing working from home and caring for children whose schools have closed, travel plans that have been cancelled, the vulnerability of our elderly parents and more.
Life has changed.
I am taking a more somber approach to the topic of money and will answer the question, “What should I do now?” Let’s address some of the biggest financial concerns your clients have as a result of current events, so they can take action and keep control financially.
But first, take five big, deep belly breaths. Be kind to yourself, you’ve got this.
What should your clients be doing now?
If you believe your clients’ income will be impacted as a result of events, ask them to put some thought into what a conservative income might look like this year. Spend a few minutes penciling out their expenses so they know what they must pay for, versus what they’d like to spend money on. Take a look at every expense, including contributions to retirement accounts and investment accounts. Ask if they can continue to cover the expenses they have with a decrease in income. Focus on conserving capital.
If they believe they will not be able to cover their current living expenses, choose where they can cut. Start with the expenses they truly don’t need – like entertainment, dining out (or take out, my current option), and online shopping. We each have our weaknesses when it comes to spending, so take a look and pledge to cut.