5 Ways To Reassess Your Finances

Whether your bank account bulged or dwindled during the last one-and-a-half years, now is the time to take stock of your financial situation and priorities

The pandemic swept many people into the uncharted financial territory. Millions lost their jobs, while many endured more than a year of isolation and uncertainty. But at the same time, given limited spending opportunities due to the lockdown, savings also shot up.

Depending on your financial situation and your priorities, there are several ways to put yourself in a better position financially for whatever comes next. Here’s how to get started:

Don’t rush it

For many people, the initial impulse may be to plunge in and make travel plans and purchases to make up for a lost time. “People feel like life was stolen from them, and an increase in spending often comes with that,” said Brian O’Leary, a private wealth advisor based in New York, US.