KIMT NEWS 3 - The coronavirus pandemic has forced many of us to focus on our physical health, but your financial health could also be taking a hit.
That's why now might be a good time to talk with a financial adviser so you can see where you're at and plan for the future.
Amy Charlson is a financial adviser with Edward Jones. She said before taking advantage of any short-term opportunities when it comes to stimulus money or paying back loans. people need to be thinking of long-term impacts.
"So if it means not paying off the student loans or the mortgage right on time, just be real careful for what you have for you and your family set aside for living expenses, for necessary essentials," Charlson said.
This pandemic has also been a reminder for people to start an emergency fund if they haven't already.
"The canned answer is 3 to 6 months of your income just in case you get laid off or if you need to pay your bills and you can't work and you don't have the current income coming in," Charlson said.
In the case of an emergency, the CARES Act does make it easier for people to dip into their 401(k). Charlson wants to remind people that doing so could have an impact on long-term savings and retirement.