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Lessons from the COVID-19 Crisis Regarding Financial Literacy

Foreign Service Money Matters

The COVID-19 crisis has taught us so much about the importance of community and caring for each other. During this Financial Literacy Month, we are also reminded of the need to be savvy about financial matters, including budgeting for unexpected emergencies. Carrington Financial Planning has long advocated the need to put aside money in a special emergency fund to draw on during such unexpected situations as evacuations and sudden changes in post assignments. Often, it can take a long time for DOS to reimburse for out of pocket expenses associated with these emergencies, making it critical that you are ready to absorb these expenses in the short term. Having sufficient savings will prevent you having to dip into investments to cover emergency expenses, allowing your investments to recover from the types of market downturns we have experienced of late. And, of course, you should review your estate planning documents and ensure you carry sufficient life insurance to protect your family should something happen to you. All of these are issues that a good financial advisor can help you with. Carrington Financial Planning is here for you as we all weather this crisis together.  #financialliteracymonth