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15 Tips to Manage your Money, Legal and Mind/Body Essentials During COVID

Updated: Aug 26




MIND/BODY

During Covid-19 women have been telling us that their schedules have been challenged by working from home, caring for aging family members, home schooling of children, and financial adjustments. So, it is more important than ever to take care of your health as you take care of others.


1 - Don’t compromise healthy eating because of a busy schedule. Home delivery meal services like Splendid Spoon, Daily Harvest, Sun Basket or Blue Apron can help you and your family eat healthy meals for any budget. Most offer price specials for trials and incentives to invite your friends to the meal plans.


2 - Boost your immune system with supplements like vitamin D to help you absorb minerals like calcium and magnesium, and antioxidants like vitamin C - to name just a few.


3 - Hydrate, hydrate, hydrate!! Drinking enough water helps to keep your body healthy by supporting all of the functions of your body including the elimination of toxins, which if accumulated can overstress your immune system making you more vulnerable. For more info on how to hydrate and more.


4. Move your body. The best thing that you can do for your health physically and emotionally is to get out and move! Even if you have just 10 minutes - go for a walk, a quick run, dance barefoot in your kitchen to your favorite song, or take some time in the yard aiming a basketball for the net. Little bites of movement are better than none at all. You will have more energy and feel less anxious.


5 - Take time for yourself - The busier you are, the more important it is for you to take time for yourself to recenter and restore.


MONEY

Is your money that different during COVID? It is in that you have more time to organize your financial life and set good habits in place! We are feeling more anxious due to the market, job security, vaccinations and life in general! Take that stress away from your money and feel more in control.


6 - Life Insurance. It’s a really important time to think about life insurance. Do you need it? Do you have enough? Who needs it? How much do you need? I love this calculator, especially the first question! My overall belief for most of us is if you need it, stick with Term Life Insurance only. https://www.nerdwallet.com/blog/insurance/how-much-life-insurance-do-i-need/


7 - Need a Push to Save More? More and more of my clients are using it and loving it! From 18 year old to 80 year old! It allows you to Invest spare change from everyday purchases through Round-Ups. It makes saving as easy as possible and you won’t miss the money. You can pick conservative to aggressive portfolios. Acorns.com.


8 - Don’t Stop Contributing to Your Retirement! If you aren’t earning as much money as you hoped and your income is lower than: single person less than $135,000, married couple less than $199,000, add to a ROTH IRA or open to a ROTH IRA. The maximum amount to contribute is $6,000 per year and another $1,000 if you are over 50. You can do this at Vanguard or Fidelity.


9 - Is it Safe to Keep All Your Investments in One Firm? This question keeps arising from clients. Especially during COVID. Overall, if you keep your investments in one place, you will be more organized and are more likely to have proper asset allocation. However, a few of you are worried about keeping your investments in one firm. If that is you, then split your assets between two firms. But don’t use this as an excuse to have old 401ks at your old jobs or multiple IRAs in many different firms. You have the time. Clean up those old accounts!


10 - Short-Term Savings. Here are some options for short-term savings account and mutual funds that are low risk: marcus.com, americanexpresssavings.com, Short Term Bond mutual funds at Vanguard and Fidelity and Asset Manager funds with 85% bonds.


LEGAL

Daily life has changed dramatically in 2020. We’re trying to find our way through the “new normal” of masks, social distancing, online work, remote or “hybrid” school, layoffs, business closures, and a relentless stream of frightening news. For those of us who have put off the difficult decisions and conversations around “what if,” it’s a good time to get started. The best way to manage anxiety is to do what you can now to be prepared in case of emergency.


11 - Chose a trusted person to make healthcare decisions for you in the event you aren't able to. Different states have their own forms of healthcare proxy, many of which have different names -- including durable power of attorney for healthcare, appointment of healthcare representative or healthcare agent.


12 - Consider what kind of life-sustaining medical care you would want - and under what conditions. Complete an advance directive (or living will) making your wishes known.


13 - Draft a will appointing a guardian for your minor children and distributing your assets. Depending on the size and complexity of your estate and personal circumstances, consider a Revocable Trust as well.


14- Particularly if you own your own business, create a durable financial power of attorney, naming someone to make financial/business decisions for you (and keep your business going) if you’re incapacitated.


15 - Carefully review and update the beneficiaries named on all your investment, bank and retirement accounts and insurance policies. Coordinate your will and account beneficiaries to make sure they’re consistent.


Want empowerment, accountability, and community around your personal finances, legal health, and self-care? If you want to be better prepared in these essential areas, register for Woman’s Compass Forum. Our next 3-month online course starts Oct 6!



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