This week, I’m talking about some of the best and most unique financial planning opportunities available during this coronavirus crisis. There are several tried-and-true opportunities that present themselves in nearly every crisis and market downturn, but there are also several that are unique to this current crisis.

Today I’m talking about an opportunity that fits both the tried and true criteria, as well as something that’s completely unique to this current crisis: 

Slashing your expenses. 

This is an opportunity that requires some legwork and resourcefulness on your part, but if you can take advantage of it, it can be a big help during this economic crisis. 

When times are good, we often don’t get loose with our finances, spend more and don’t keep close tabs on our spending. But in times of crisis, especially if your income has dropped or you’re laid off, you’re forced to cut back. Slashing your expenses can be as simple as looking at your budget and the money that goes out the door every month to get rid of some of the unnecessary luxuries and cut back, but with this current crisis, there are several additional opportunities. 

The place to start once you’ve cut out the unnecessary is with your debt payments. A lot of credit card companies are offering some relief to reduce or delay payments, reduce interest rates, and so on, and the same is true for student loans and mortgage and rent in certain areas. The rules for 401k loans and hardship withdrawals have also been relaxed, making it easier to take a loan. 

The key is doing your homework to find out what’s available for you and contacting your credit card company, mortgage company, etc. to see what the options are in your situation so you can decide what’s best for you. 

But remember, any debts you have are unlikely to be forgiven...you’re just kicking the can down the road in most cases to stop the bleeding now, but you’ll still have to pay later, so you should only defer or delay payments if your situation necessitates it. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

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