This has been a year of continuous uncertainty and upheaval. The novel coronavirus and the resulting lockdown have driven the economy into a recession from which we are only slowly beginning to emerge. Many of us are adapting to unexpected challenges such as pay cuts, furloughs, home schooling, and/or remote work. These stressors can take a toll on our daily lives and impact our finances.
Some of us, however, have found that our expenses have decreased during quarantine. “You may have saved money on dry cleaning, dining out, entertainment, or transportation. One couple I work with is saving $500 each month because they are no longer attending Broadway shows, which was their favorite pastime,” says Felicia Garland, a certified financial planner with Krietzberg Wealth Management and registered representative of Lincoln Financial Advisors Corp.
Even if you are spending less than you did last year, your financial situation may still be keeping you up at night. “Folks are feeling financially unstable right now and we’re seeing a lot of fear. Individuals are coming to us and saying, ‘I was going to retire in five years, now I may...
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