Almost two years (and counting) into the pandemic, people can’t wait for the post-pandemic life to start. We’re all excited to goto the movies again, to breathe fresh air without wearing a mask, to dine indoors–back to our former normal lives. But with the Delta variant still posing a threat to our safety, it may still take a while for us to return to our normal lives.
While we wait for everything to settle down, we can take a moment and do a check of our finances.
Revisit your finances
Take account of what you own and what you owe. This will entail reviewing your bank and credit card statements, investments, and monthly bills. Don’t forget to review your past and current paychecks as well.
Adjust your financial plan
Once you’ve taken a look at your current financial situation, you’ll want to compare it with your financial goals. See if you’re still on track or if you’ve made any progress. The pandemic is anything but ordinary, so don’t beat yourself up if your progress is slower than you had anticipated.
Whatever your current financial situation is, reevaluate your goals. List both short-term and long-term goals and decide which ones you need to prioritize. Then, see if your current budget and investment plans meet your needs. If not, change your spending habits or invest in a new product.
Beef up your emergency fund
You may have dipped into your emergency fund some time during the pandemic, and that’s perfectly fine. That’s why you have an emergency fund in the first place! But if this is the case, you may want to start replenishing the money taken from your emergency fund. We recommend having at least three to six months’ worth of living expenses saved up in your emergency fund.
Invest wisely
If you do not have any investment, you may benefit from having a financial advisor. Apart from assisting and providing you with financial planning and advice, a financial advisor can help you choose the right investments for your goals and risk appetite. They also know how best to invest your money, so you get the best returns. While not required, investments can speed up how quickly you reach your financial goals.
The pandemic may have set back many of our financial goals but that doesn’t mean we can no longer reach them. Look at where you are and make adjustments according to your needs and situation. While it may take longer than anticipated, achieving your financial dreams can still be a reality.
With Metrobank, you can choose from a number of investment products to suit your goals, risk appetite, and timeline. Talk to us today to start investing meaningfully with Metrobank.
