Hoarding phase has finally settled. Now, the realities of social as well as physical distancing and the pandemic that Covid-19 brought are settling in. You may now wonder whether it is still good to buy your “wants” during these times. Perhaps, you are thinking hard if you should push through for a major purchase such as a new car or a new home.
Taking the dive on major purchases throughout this time is still like trying to navigate on uncharted waters. The same is true for financial experts. However as per their expert advice among families who are looking forward to spend their money regardless of the situation will depend on the situation.
Focus on the Essentials First
Does your pay cut off or has unfortunately lost your job? If yes, now may not be the ideal time to worry about the next purchase you should make aside from necessities similar to:
In the event that you are already struggling to stay afloat on a day to day basis meeting these necessities, then making a new purchase of that “want” is probably out of the equation.
On the other hand, if you are blessed to be part of those lucky people who were quick to adjust to a “work from home” setup or was just able to keep their employment, then most probably, your income is still intact.
Regardless, if the economy hampered, rest assured that the ripples could be widespread and delayed. With this in mind, financial experts agree that it is better to take every decision with caution, even though if there’s a Coronavirus relief program.
Say for example that you are in a bad financial shape no matter if the pandemic is to be blamed or not, buying high-priced items like a new car or going on a vacation will never be a smart move.
Revisiting Your Goals
In these times of pandemic, there is a high possibility that you are heavily relying on your credit card while sticking to a hair-tight budget. This makes it the perfect time to make reevaluation of your financial goals.
According to experts, the primary objective among families in such time is preserving flexibility of cash flow no matter whether your finances are impacted or not. Meaning to say, being able to have cash on hand if things go south. Additionally, it may mean to delay some major purchases that you have planned long ago, monitoring your spending and come up with a pandemic budget for essentials and food in short term.
Just in case that all else fails, you may try getting a loan at https://www.southeasttitleloans.com to cover for some expenses.