Planning Your Post-COVID-19 Life
Hearing the positive news related to vaccine breakthroughs and therapeutics gives us all hope. Someday soon, we may be able to get back to normal life again. Upon reflection, you may realize that things have changed significantly in a short amount of time. Below is a short list of some things to consider as you anticipate life in a Post-COVID-19 world.
Friendships and Family Relationships May Have Shifted
Perhaps a family member you had written off suddenly reached out to check in on you. Or maybe your best friend disappointed you during this crises, or someone you relied on as a trusted contact is no longer able to play a role in your support system. For a myriad of reasons, you may want to focus on rebuilding your personal network. As old friendships may have faded away, new opportunities may have surfaced. Now is a great time to plan a follow up with those people who touched you in a positive way during the pandemic.
Take Time to Re-Assess Past Financial Habits
Are you happy with your financial situation…or feeling panicky? If this crisis found you with too little savings, too much debt, and no safety net, now is the time to put a better plan in place. In this crisis, professionals that never dreamed of income disruption in the past may have experienced it for the first time. With this lesson learned, building cash reserves, such as an emergency fund, can go a long way to provide peace of mind during future times of uncertainty.
Consider Moving Forward with Major Goals
Pre-pandemic you may have planned for travel, a new car, or upgrades to your home. Instead of putting those plans on infinite hold, now may be the time to put things into motion—to the extent possible. This is especially true if you have saved in advance for these goals, or your income is unaffected by the pandemic.
Re-Evaluate Your Service Providers and Professional Relationships
Was your hairdresser a shining star, but your bank impossible to deal with? From time to time, it is always a good idea to evaluate professional relationships and service providers. It could be you want to expand certain services and reduce others. While it is difficult to make changes in certain areas right now, you can reflect on who impressed you the last few months and who disappointed you. You may have even taken over certain work yourself, such as gardening or lawn maintenance. While we believe it is important to have a generous amount of grace in a time of crises, sometimes issues surface that you never realized was a problem. Now may be a good time to put together a wish list of changes you want to make in this area, and when to make them.
The following anonymous quote sums it up well:
“The best view comes after the hardest climb”
We Are Here for You
Navigating through this crisis has been a “hard climb” for all of us. One of the things we have attempted to do with our Friday communications is to let you know we are here, and we want to touch base and continue to serve you—even if only by an e-mail communication. Please reach out to us if you need to talk, have a major financial decision to make, or a significant life event. With any luck, this will all be behind us soon.
Kristina Bolhouse CPA/PFS, CFP®
© 2020 The Arkansas Financial Group, Inc., All rights reserved.
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