Top Tips For Managing Your Finances During The Covid-19 Crisis

by Infinity

Covid-19 has impacted us in a myriad of ways and, for many of us, the job losses, reduced income and forced confinement caused by the virus have shaken our financial security and negatively impacted our emotional resilience.

In parts one and two of this series of blog posts, based on our webinar on Cultivating Emotional Resilience post Covid-19, we talked about dealing with uncertainty by controlling what you can.

Andy Chong, an Infinity financial consultant based in Kuala Lumpur, outlined eight things you can do as part of your financial planning strategy in challenging times such as these.

1. Take stock of your current financial position

– look at your incomings and outgoings and consider what adjustments you can make to put yourself in a better position going forward.

2. Ensure you have adequate emergency reserves

– while three months’ worth of expenditure is typically recommended, in the current climate consider a reserve of six months, or even more.

3. Don’t follow the herd and think for yourself

– today’s hot tip might be on tomorrow’s trash heap. Make sure you gather as much information as possible before making important investment decisions.

4. Review any protection or insurance policies

– ensure that your travel and life insurance policies are fit for purpose.

5. Consider your financial legacy and seek appropriate help

– look at what you have in terms of assets and what estate planning you can do to help your dependents going forward. Some financial housekeeping may be necessary to make sure you have the right tools in place.

6. Always invest

– into financial vehicles to build wealth long term but also in yourself. Channel your frustrations towards Covid-19 and the havoc it has wreaked in our lives into educating yourself and expanding your skills.

7. Get professional help

 – a financial adviser can help if you are not sure what you are doing financially, if you need objective reassurance or if you get too emotionally involved when it comes to investing. Choose a trustworthy professional who has your best interests at heart.

8. Be patient and kind to yourself 

– the pandemic has been unkind to all of us so treat yourself with kindness and nurture your mental health to bolster your emotional resilience.

If you’re seeking professional assistance with any elements of your financial planning, why not drop Alex a line for a free non-obligatory chat?

You can get in touch with Alex here or at [email protected]

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Tilney is an award-winning financial planning and investment company, that builds on a heritage of more than 180 years. They have won numerous awards and their clients include private individuals, families, charities and professionals. They presently look after more than USD30 billion.

At Tilney, your personal wealth is their personal responsibility.

Tilney's award-winning services are now available in Asia exclusively through Infinity, and can likely be applied to both new and existing investments.

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You can get in touch with Alex here or at [email protected]