Financial Lessons from the Pandemic

Chris Hogan is a best-selling author, a personal finance expert, host of the Chris Hogan show, and is a personality of Dave Ramsey solutions. Chris chatted with Kelli and Steve on skype with financial lessons you can learn from the pandemic and ways to make the most of your money in 2020.

What do we learn from the pandemic:

–The emergency fund has value

–Debt is not your friend. Moratoriums and momentary debt-relief are nice, but they can’t save your situation

3 ways to make the most of your money during the last few months of 2020:  

  • Say no to sales
    • The holidays are looming. Black Friday is no longer in-store. There’s lots of deals and steals to be had and now they’re all online.
    • This year, you have to be more intentional than ever with your holiday spending.
    • It’s so easy to purchase items with one click of a button, and they magically show up at your house. But don’t let the holidays (and feeling sorry for yourself!) distract you from winning with money.
  • Hold on sudden big purchases right now
    • If your income is steady and you haven’t lost your job, you may be tempted to spend – especially if you’ve built up a solid emergency fund of cash.
    • A lot of folks are hurrying to take advantage of these really low mortgage rates right now to buy a house. And it feels like everywhere you look, there’s a good deal to be had – on a home, on a vacation or a nice “toy” you’ve been eyeing.
    • Stop, take a deep breath, and wait at least 24 hours before making a big purchase.
    • And if it’s not in the budget, then you don’t buy it.
  • Assess where you are
    • Now is a great time to look at your budget (or create one if you haven’t) and see where you can cut – i.e. grocery store, subscriptions, eating out.
    • Take a look at your investments and where you’re tracking for retirement. Are there any adjustments that need to be made?
    • And if you’re in the place to do so, finally make the appointment to sit down with a financial advisor.
    • This is the year to say “never again” – never again are you going to let the stress of money keep you from feeling safe.

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