COVID-19 - Include Your Kids as You Look to the Future

The current crisis is impacting millions of hardworking and responsible Americans who suddenly find themselves in a financial crunch they could never have imagined only a few months ago.

If you haven’t talked openly to your kids about your new economic reality, now’s the time. In fact, at their ages, they can be part of the solution. Get their ideas on how you could all cut back. What are some things they’re willing to postpone until you’re working again? If you include them in the process, they’ll be less resistant – and perhaps you’ll all be less anxious as you get through these next few months together.

And then, once you’re back on an even keel, it will be time to revisit your long-term planning and saving, including building a several-month cash reserve for the next emergency. In the mean-time, take advantage of all the resources available to you, and prioritize all of your spending. Focus on what you can control as you care for yourself and your children.

Together, you’ll find your way to a brighter future.

Excerpts from The Epoch Times, July 8-14, 2020 “Laid Off and Worried About Money: What to Do Next?” by Carrie Schwab-Pomerantz, a certified financial planner, president of the Charles Schwab Foundation and author of “The Charles Schwab Guide to Finances After Fifty"

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