With vaccinations ramping up across the world, the pandemic is finally nearing its end. Now that we have a light at the end of the tunnel, it’s time to make sure your finances are ready to go. Here’s a post-pandemic money checklist.
Get an Overview
With some pandemic dust settling, it’s important to get a big picture view of your finances. Check up on your budget and see where you stand. Look into where your cash is going now and any problem areas — like increased debt — that arose during the past year.
If you have accumulated debt, make a plan to dig yourself out of the hole. One possible path? Consolidate it. You can take advantage of low interest rates and move your credit card debt onto a card with a zero or low interest offer. Just make sure you’ll come out ahead of any balance transfer fees.
Build Up Emergency Funds
There’s a good chance your emergency fund took a hit during the pandemic. That’s okay. Pandemic = emergency. But it’s time now to try and rebuild it. Shave off expenses from your budget and funnel that extra money intoemergency savings. You could also use your stimulus check or tax refund to pad the account.
The stock market went through some rough periods during the pandemic before zooming back, so now is a good time to check in on your investments. As US News reports, make sure your portfolio has the right mix of stocks, bonds and other securities that reflect your investment goals.