Ask A CFP: How Do I Manage My Finances During COVID-19?

Coronavirus (COVID-19)

“What do the stimulus checks mean for me?” “Is it wise to start investing during this time?” “Should I dip into my emergency fund or use the money from the stimulus package?”

With new announcements and relief efforts that have been put in place, it’s perfectly normal if you don’t have the answers to these questions just yet. 

We want to help you understand your options when it comes to managing your finances during this time of uncertainty. Last week, Brittney Castro, Mint and Turbo’s Certified Financial Planner, hosted her second Instagram Live with us to answer your top financial questions. Watch below. 

 

 

Looking for the answer to a specific question? Check out these timestamps to get the answer right away!

  • 3:32 – What is the new 2019 IRA contribution deadline? 
  • 4:18 – Is now a good time to buy stocks?
  • 5:45 – Is it a good time to contribute to a ROTH IRA? 
  • 7:07 – Should I still be contributing to my retirement fund?
  • 7:54 – I’m nervous about losing my job. Should I change my contribution level to my retirement account? 
  • 9:25 – Should I refinance my condo if I bought it in 2018? 
  • 10:45 – How do I make money during this COVID-19 times?
  • 12:12 – I want my money to grow. There must be opportunities out there, what are they? 
  • 13:59 – What’s the best way to invest? Right now, or after the pandemic? 
  • 15:00 – How can those without jobs make sure we are financially secure for now? 
  • 15:40 – If I lose my job, do I lose health insurance
  • 15:51 – Do I have to pay rent?
  • 16:12 – Should I take advantage in paying down any of my loans? 
  • 17:06 – What’s the most efficient way to use my money from the stimulus package?
  • 18:09 – If I have more in my savings account, than I do in my student loans, should I just fully pay off my student loan?
  • 19:12 – Will I have to pay back the money I get from the stimulus? How do I know if I qualify
  • 19:52 – Should I dip into my emergency fund first, or use the stimulus package money?
  • 20:45 – I’m worried about how long this pandemic will last – how can I build an emergency fund? 
  • 21:20 – I lost my job – how much should I take out of my emergency fund? 
  • 22:10 – To build credit, is it bad to pay your credit card balance in full every month?
  • 22:46 – When and where is a good time to start investing in stock?
  • 23:50 – Should I spend my stimulus check on myself? I want to buy a computer. 
  • 24:15 – What are your thoughts on saving vs. investing?
  • 25:01 – What are good books to read regarding personal finance and investment?

Feeling nervous about your finances during this time is common, and we want to remind you that you’re not alone. Tap into the @Mint community on Twitter or find cost-free resources on our growing hub. Minters, you got this. We’ll get through this, together. 

 

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