There’s no denying we’re living through unprecedented times, and the future seems ambiguous. It’s easy to think that the questions you once asked about your finances – am I on track to meet my goals? Am I on my way to financial success? – are now irrelevant. The truth is, it’s never been more critical to take control of your finances and, as such, your future. With financial planning, you both look out for yourself in the now and ensure that this moment of uncertainty does not define your long-term goals.

Why Financial Planning Is Even More Important in Uncertain Times

Now More Than Ever, Budgeting Is Essential

Budgeting is a crucial part of financial planning as it allows you to stabilize your money, or even turn it around. Now more than ever, knowing how to keep your money in a steady state will serve you in the face of a changing economy and a future in flux.

And with a budget in place, you don’t have to sacrifice saving and investing money, either. The best financial advisor will help you not just survive in the present, but also give you the tools to keep building for your future as well.

2020 Has Proven the Need for an Emergency Fund

It’s become apparent that a “rainy day” fund simply won’t cut it when the world is in the throes of a pandemic. And unfortunately, this likely won’t be the last time you need to dip into the emergency reserve – that’s just the way life works.

By setting up a fund for unavoidable situations, you are ensuring security for yourself down the line, without having to compromise how your long-term goals are affected. And since, given the state of the world, there are mixed opinions on how much you should have saved (some say three months’ salary; others are now saying up to a years’ worth), having a financial consultant to talk things through with is invaluable.

The Way You’re Spending Money Has Probably Changed

If you’re staying at home more, chances are the utilities are being used more, and you may be seeing spikes in your bills. Maybe you’re also dabbling in a little more online shopping than you usually would! Or perhaps you’re saving money since you’re not going out for meals or taking public transport to and from work or spending all that money on gas. Whatever these changes in spending habits may be, it’s important that you’re aware of them and are thinking about how they will affect your long-term plans.

It’s a Unique Time to Invest

It’s always worth thinking about investing – how to do it, what your goals should be, what your risks are, what does your timeline look like, and so on. But with the economy shifting so dramatically, investing has become more nuanced, and there are a lot of people coming out in favor of doing so now.

Guides are popping up left and right, and there are a whole slew of strategies on how to navigate the market. It’s almost overwhelming! The best financial consultants can offer you bespoke investments at the best of times, but now they’ll be on the lookout for investments at reduced prices and will be able to present you with them.

This Is a Chance to Reevaluate

Maybe you’re someone who has already invested a portion of their money. Good for you! But given the current climate, you may need to constantly review your investments and adapt accordingly. Are they still working for you? Are you diversifying? Are you doing everything you can to avoid losses? Should you invest a little less and keep some cash on the sidelines? A financial consultant can help you judge your investments and make these decisions.

The Value of Your Assets May Change

At any time, it’s critical to analyze your assets – anything valuable you own that can be converted into money – and what the impact of things like taxes and inflation might be on them. As the world changes, your assets will likely be affected, so meeting with a financial consultant to figure out what’s happening to them and what you can do to protect them will be hugely beneficial.

Now Might Be the Time to Think About Insurance

Insurance is always worth considering – whether that’s health, life, disability, or anything else. A financial consultant will work with you to figure out what insurance you need to suit your lifestyle and the investments you could be making. If you’ve thought that, given the state of things, insurance may no longer be an option, think again; there are still multitudes of insurance companies offering different plans.

When You Understand Your Money, You Feel Empowered

The best financial consultants are also educators and will take the time to not just enforce monetary strategies, but explain to you why they’ve been put in place and how they are specifically benefiting you. When you know this, the budget cuts and lifestyle adjustments you make stop being “inconvenient” or “sacrifices for the sake of the future” but actual, tangible things you’re doing to make your life better. That’s an incredibly rewarding feeling.

You Still Need to Arrange Your Retirement

If you’ve already made plans for your retirement, you may be heavily reconsidering the date you’ve chosen or slashing the amount you wanted to have saved. If you’ve not yet made plans, the idea of starting now may seem futile when the future’s so uncertain. But this moment of chaos shouldn’t determine what your sunset years look like. A financial consultant will still help you figure out how much you need to have saved for your dream retirement, and help implement approaches you can take to reach those goals.

It’s Good to Have Peace of Mind

If thinking about money during these unpredictable times has equated to mounting stress in your life, then consulting with a financial consultant will offer comfort and relief. Not only will they be able to offer solutions and answer questions, but their expertise and experience will take the burden off you and place it in the hands of someone equipped to handle it.

A financial consultant can also help you understand the financial impacts of COVID-19 specifically, how it’s affecting the economy, and what that means for you. By staying informed and aware, you’ll feel more in control of your money.

You Don’t Want to Sacrifice Your Long-Term Goals

No matter what the state of the world, you should never compromise your dreams. While the idea of starting a new business or taking a vacation may seem virtually impossible at this moment, there will be a time for them in the future, and you want your finances to be as prepared as the rest of you will be.

With everything going on right now, you’d be forgiven for wanting to just bury your head and not even think about money, or blindly go on as if nothing has changed. But financial planning has never been more important. And it’s not just about staying afloat or stashing away cash where you can. You deserve to make your money work for you and achieve financial freedom. Expert financial consultants are ready and waiting to help you. If you’re ready to invest in yourself, call Helena J. Conley now.