Asking for Myself: Tips for Managing Personal Finances During a Crisis
DYK that more Americans are concerned about being able to pay their bills during this time than actually getting COVID-19?
This week, I invited personal finance expert Erin Lowry to join me for an episode of Asking for Myself to talk about a topic on everyone’s mind right now: Money.
Here are a few of my top takeaways :
Have at least one month worth of bare essentials living expenses saved in case a rainy day strikes (like a pandemic, for example…)
It might not be the best tine to make risky investments, but if you have a little extra after making your regular payments, consider investing more into your IRA or other retirement fund.
Be wary of money scams, always – but especially during times of crisis. The biggest one right now is related to government-issued relief checks. Do not provide personal information to anyone regarding your relief check.
Now might not be the best time for aggressive debt repayment. If you’re in a place to do so, make sure you have your bare essentials savings account in place first. Only when you have that rainy day fund saved should you turn toward extra debt repayments.
As a WFH business owner for the past 10 years, I too have picked up a few tips and tricks for saving money along the way. Read more in my latest for CNBC’s Grow Mag.
And, stay close to my Instagram for the next installment of Asking for Myself, where I interview experts across industries about how to be successful in business – and in life.