Financial Planning During COVID-19 is More Crucial Than Ever

Financial Planning During COVID-19 is More Crucial Than Ever

If you have not considered financial planning, now is the time to take charge of your financial future. The uncertainty and stress of COVID-19 have left a major mark on the economy as a whole and for individuals and business owners, the impact has been especially devastating. Job loss, business closure, downscaling, and property loss are all on the rise. On top of that, we are also seeing a major impact on the economy specifically in South Africa, with the Rand reaching critically low levels, many industries facing complete halt, and numerous other challenges. 

Financial planning helps to provide you with peace of mind, giving you a better idea of how you can manage and protect your investments, help you plan for retirement if the pandemic has prompted you to take that leap, reduce debt, manage budgets, and develop a financial plan. 

Why Now is the Time for Financial Planning

Why is it so important to consider financial planning at this point? For starters, here are a few reasons to start planning for your future.

Reduce financial stress.

It goes without saying that one of the biggest stress factors right now comes down to finances. Although health and well-being are both a major factor as well, the strain of losing jobs or closing businesses can be incredibly stressful. When you do not have a clear plan in place, that stress will be greatly magnified. Planning for unplanned events such as hospitalisation is also essential to ensure that you are able to get the help you need in the event of the coronavirus affecting you or your family. 

Protect your investments.

If you have property, stocks or any other type of investment, you will likely be starting to wonder how you can protect them during the pandemic. During a global event that has brought even major first world countries economic disaster, protecting investments is more important than ever before. A good financial advisor will work with you, helping you identify opportunities and potential threats and help you get the best returns on your investments, now and post-lockdown.

Ultrafin provides expert help from highly qualified advisors based in Bloemfontein, Potchefstroom and Carletonville. Contact us today to learn more about how financial planning can help you navigate the stressful times of COVID-19.

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