We’re finally beginning to understand how to care for our physical health in the pandemic. Wear your mask, keep a safe distance from other people, avoid crowded and poorly ventilated spaces. Simple enough, right? But what about the health of your finances? Just like your own well-being, there are simple measures you can take to protect your wallet’s as well.
First, a financial checkup: Do you know how much you spend every week? Making accurate judgements about your financial health is impossible without knowing where your money is going. If you don’t already, start to take note of how much goes to food, housing, and other expenses as part of your weekly budget. If you are new to budgeting, there are apps that can link to your bank account and help you track your expenses.
No matter where you are financially, be sure to save something for your future. Even $100 can put a buffer between you and financial uncertainty. Though the future is always unpredictable, remember that your retirement savings account allows you to save more money over time than a standard savings account.
These are fairly basic steps, but fully investing in your bank account’s preventative care can ensure you have the resources for your own physical health. The list continues here with this article from Finance Monthly.