What to Do When Faced with a Financial Roadblock

The coronavirus pandemic has been a financial roadblock for many young workers. In fact, nearly 60% of young Americans surveyed indicated that the pandemic has delayed their ability to become financially independent.*

You may feel anxious when you believe that your financial plan may be off course. However, it’s important to remember that the pandemic is a short-term situation. Keep your longer-term picture in mind and take positive steps today to improve your financial situation, such as:

1. Focus On What You Can Control. While you may not be able to control your income (i.e., your paycheck or other money coming in), you can manage your expenses. Take a critical look at your credit card and savings account over the past few months and identify what you can cut or reduce. Think about your large expenses, such as housing, transportation, and food. Can you find a less expensive place to live? Can you temporarily move in with your parents or friends? Can you prepare more meals at home?
2. Get Creative With Your Income. Consider other ways to supplement your income, such as taking a second job or finding some freelance work. This may be a good time to explore a career change for the potential to make more money.
3. Improve Your Skills. What opportunities are available to improve your skill set? What training, education or volunteer experience would help you? Is there a certification program that can help advance your career? Now, more than ever, there are apps, videos and classes offered online that may provide you with the preparation you need that could help improve your financial situation over the long term.

When it comes to your financial journey, remember that you are in the driver’s seat. However, you don’t have to figure out how to meet your financial goals alone. The knowledgeable Financial Advisors at Jemma Financial can design a customized financial plan and, as life changes, make adjustments to your plan to help you achieve your long-term goals. Call 855.662.2121 or email us to schedule a complimentary consultation and let us help you get started on creating a plan that fits your needs.

*USA Today