COVID-19 Financial Action Plan

TL;DR

Learn key strategies for financial planning during a period of isolation, including maintaining cash flow, having sufficient supplies, building a support network, keeping yourself occupied, and prioritizing personal health.

Transcript

hey and welcome to this week's video my name is ashley rowland and i'm a financial advisor with consortium private wealth in today's video we're going to be looking at a covered financial action plan so some key tips um some key advice into sort of budgeting your way through or managing your finances through a period of isolation um due to coping 1... Read More

Key Insights

• 💐 Maintaining cash flow through accumulated savings can provide financial support during isolation.
• ❓ Stocking up on essential supplies and medications beforehand is crucial for a comfortable isolation period.
• 🏃 Having a reliable support network, including someone who can run errands or pick up groceries, is beneficial.
• 💦 Keeping busy with work, activities, or reviewing personal finances can help make isolation more productive.

Questions & Answers

Q: How can I maintain my cash flow during a period of isolation?

One strategy is to accumulate savings in a separate account to cover expenses. This can be especially helpful for self-employed individuals who don't have sick leave entitlements.

Q: What are some tips for ensuring I have sufficient supplies during isolation?

Stocking up on long-life groceries, personal hygiene products, and medications prior to contracting COVID-19 is recommended. This ensures you have essential items on hand.

Q: How can I build a support network during isolation?

Utilize click and collect grocery services and ask someone to collect groceries for you. Additionally, having someone who can run errands or help with bill payments is valuable.

Q: How can I keep myself occupied during isolation?

Stock up on games, coloring books, painting supplies, or crafting materials to keep yourself and children occupied. It's also a good time to review personal insurances and home insurance policies.

Summary & Key Takeaways

• Maintain your cash flow by accumulating savings in a separate account to cover expenses during isolation.

• Ensure you have sufficient supplies by stocking up on long-life groceries, personal hygiene products, and medications.

• Build a support network of individuals who can help with grocery shopping and running errands.

• Keep yourself occupied by engaging in work or activities and using games and crafts to keep children occupied.

• Prioritize personal health by keeping in regular contact with family and friends, having important contact numbers readily available, and having appropriate insurance coverage.