All it took was a matter of weeks for the Covid-19 pandemic to turn what had been a prolonged period of low unemployment into a muddle of lay-offs, pay cuts, furloughs, lost income and overall unemployment levels not seen since the Great Depression almost a century ago.
Amid the considerable damage the global health crisis has inflicted on individuals, households, businesses, communities and entire economies, the loss of jobs, income and workplace benefits has been especially painful, leaving millions of Americans on tenuous financial footing as they scramble to pay their bills, cover their expenses, stay on track with their goals and generally keep themselves financially afloat.
“Income decline is tremendously hard in every respect,” says FPA member Katrina S. Soelter, a CERTIFIED FINANCIAL PLANNER™ professional with KCS Wealth Advisory in Los Angeles. “It impacts you emotionally, mentally, culturally, and obviously financially. There is no easy answer that will make the hardship magically disappear.”
There are, however, steps you can take today to blunt the impact of lost income, make the most of the financial resources you have on hand, and in the process maybe even put yourself on stronger financial footing for the post-pandemic era, whenever that arrives. Here, CERTIFIED FINANCIAL PLANNER™ professional members of the FPA offer suggestions to help you stay financially afloat during the coronavirus outbreak and its aftermath: