Pretty much all of our conversations these days open with a quick chat about putting Covid behind us and getting back to life as normal. The vaccine rollout has been the gamechanger in 2021 and now we see it really gathering pace down through the various age categories.
So now we all deserve a bit of a treat! I’ve set out five simple tips in relation to your finances that will ensure you can enjoy life to the maximum when all of the restrictions ease, and we all get back to life as we knew it before.
What has this to do with your finances? Well particularly for all of you who are self-employed or running your own business, your health is crucial for your financial wellbeing. Short-term sick pay benefits will be a fraction of what you earn, if available at all to you. But apart from the impact on your immediate earnings, the future growth of your business will probably suffer too, as you rightly focus on your recovery and not your business.
If you are unable to work because of illness over the longer term, many of you have income protection in place – a very worthwhile cover that will go some way towards replacing your income. But of course a long term illness is never going to be good news no matter what cover you have.
Take care of yourself and stay as healthy as possible to protect your income, today and in the future.
Plan a holiday
Do you remember them? When we all used to get on planes and go off to nice warm places? Those days have started again for some people, however others are still being cautious until the entire family is vaccinated and Covid has receded a little more. But now is the time to at least start thinking about and planning for that longed for holiday. Get your whole family talking about it and thinking of where to go. Then get everyone working on it… and by this I mean saving for it. After all, one of the big pluses of our restricted lives over the last year has been the significantly increased levels of household saving. So give yourself an attractive saving goal.
Of course if holidays are not your thing, plan a big reward maybe for later in the year that is something really meaningful to aim for.