Recently, Rachel DePompa of NBC12 sat down with Michael Joyce to discuss post-pandemic personal finance planning and behaviors.
Money Management Tips after Covid
Michael shares money management tips, warning consumers to not splurge and forget all the great habits picked up during the pandemic. When the pandemic ends, there’s naturally going to be some pent-up demand to buy things and spend some money, but Michael says don’t get carried away. “What I would advocate is that people take some of the habits that they’ve [developed] from the pandemic and apply them to 2021 and the new year,” Joyce said.
Tips for Saving Money
Michael’s financial tips include not “going crazy” by going to every restaurant and flying to expensive vacation destinations. Rather, he suggests being measured in spending and continuing to put money into savings and retirement accounts. He says budgeting and paying yourself first should be your number one habit of 2021. Also, keep that emergency fund funded! We all learned last year how quickly things can change.
More Financial Tips
For more information on budgeting, please see Agili’s Why Budgets Matter video included in this blog post. And, if you’ve ever asked yourself, “Do I need a financial advisor?” we’d love to hear from you. Please contact us anytime.