This is especially important for those in retirement living on a fixed income, Bradley said. If you do have money to allocate to fun things such as entertainment, shopping or travel, Bradbury recommends checking back in with your budget and setting aside a specific amount to guard against overspending. "Really factor in what that inflation is going to be - what you think that you had budgeted before might not be enough." "Be mindful of inflation creeping in - things might cost more," said Marisa Bradbury, CFP, CPA and investment advisor at Sigma Investment Counselors in Lake Mary, Florida. It's also a good idea to check to see if the cost of certain goods and services are the same or have changed due to the pandemic. That means that people should come up with a game plan for paying off debt with one of many strategies, such as paying off high-interest debt first or focusing on the debt that's easiest to get rid of quickest.
"If you took on $25,000 of debt, you can't manage your finances like you don't have $25,000 of debt to pay off," Brown said. 2. Pay down debtĪnother high-priority financial goal that experts recommend is paying down debt, especially for those who might have taken on more to keep themselves afloat during the pandemic. "Three months is just the starting point," said Tania Brown, CFP and coach at SaverLife, a nonprofit focused on saving. "That should make people think a second time about using the rule of thumb, and actually think of their own specific situation," said Dana Menard, a certified financial planner and founder and CEO of Twin Cities Wealth Strategies in Maple Grove, Minnesota.ĭepending on their career, industry, family and specific needs, some people may want to save more - or even less - in an emergency savings fund to prepare for the next event. And, even those who weren't hit as hard by Covid may need to reassess their finances, as lockdowns have shifted priorities and spending habits - as things return to normal, inflation has risen, which can be concerning for consumers not ready to spend more for goods and services. Many households are still dealing with the impact of the pandemic and will be for many years, even as the economy recovers. She also said that the Fed hasn't seen enough progress yet to change policy. It gives me hope, and I am bullish for the future," San Francisco Federal Reserve President Mary Daly told CNBC during a recent " Closing Bell" interview. "What we've seen is some really bright spots, some very encouraging news.
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