How’s Your Financial Plan Holding Up? Evaluate and Reset We’ve made it through about a month of COVID-19 dominated life. Are your finances still steady? Regardless, now is a good time to check in on your financial plan. No one knows exactly how long the pandemic, and resulting economic downturn, might last. Put yourself in the best position to weather the storm now and for months to come with these three tips to help get you started. Evaluate Your Financial GoalsRight now, many people are focused on managing in the short term – finding ways to simply stay afloat amidst disruptions to income, job security and more. It’s important to keep current and near-future priorities in mind while evaluating your financial plan, but it’s essential to also pay attention to long-term goals, like retirement, for example. Consider talking to your financial advisor about adjustments to account for both the here-and-now needs and also your future ambitions. Adjust Your BudgetSince society is still under quarantine, there are likely some shifts and trade-offs you can make in your budget. Reallocate gas money you aren’t using into your liquid savings, or funnel money saved on gym memberships and entertainment toward paying down bills. Take a close look at your day-to-day spending habits and modify your budget accordingly. You should also consider opportunities to reduce as many payments as possible. For example, there is relief available right now for mortgages, student loans, even with your credit cards. Make a few phone calls to discuss your options. Check Your Emergency FundHave you tapped into your emergency fund to keep things steady? It’s frustrating to see your savings quickly depleting, but that’s what emergency funds are for: times like this. If you are using your emergency savings, or if you don’t have savings built up to tap into, talk to your financial advisor about some backup options should you run short of cash for necessary expenses. Even if you still have plenty of financial cushion, it’s important to know your next move – a financial “plan B,” if you will – if for no other reason than peace of mind. Affinity has many tools, resources and products to help you feel confident in your financial wellbeing and your ability to get through any kind of crisis. Schedule an appointment with a financial advisor over the phone, or take our free Enrich course on creating your plan so that with the help of experts, you can hopefully gain some peace of mind that comes along with having a financial plan that best fits your needs and prepares you for the rest of 2020, and beyond. For additional information and updates from Affinity about COVID-19, please visit https://www.affinityfcu.com/banking/we're-here-for-you.aspx This information is for informational purposes only and is intended to provide general guidance and does not constitute legal, tax, or financial advice. Each person’s circumstances are different and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and/or legal counsel to discuss your specific needs before making any financial or other commitments regarding the matters related to your condition are made.