Bills, savings and retirement: Having three ‘pots’ of money can help in tough times – UpperMichigansSource.com

Posted: April 21, 2020 at 3:47 pm


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IRON MOUNTAIN, Mich. (WLUC) - The IRS says tens of millions Americans will get their coronavirus stimulus checks deposited in their bank accounts.

But for many, financial struggles will continue during the COVID-19 outbreak. As thousands of people aren't working right now, and possibly still waiting for unemployment benefits, finances can be tough, but there is still time.

"Stay on that roller coaster, to get to the final end because time is on your hand at this point, said Stephanie Nocerini, a LPL Financial Advisor.

Thats why financial planner Stephanie Nocerini also recommends to have 3 separate 'pots of money.

"Your first pot of money is the money used to pay your regular bills, she said.

She says the second is your savings account. With everything so uncertain during this time, Nocerini, says saving can be the best thing.

"You need to feel comfortable with the amount of savings that you have. Now, one person's savings account may not be the limit that somebody else's, said Nocerini.

The third pot of money, is the money you can put into retirement, or long-term.

"A contingency fund, where you can maybe invest that money, and know that it could lose value but it could gain value, and that's kind of the money you let time take care of that money, she said.

With everything uncertain, Nocerini wants to remind us, the money market will always go up and down.

"History has shown that this happens there are pullbacks, there are recessions, and there are times in the market where things have to re-balance."

And with stimulus checks coming, she says those may help.

"Some people are going to get this stimulus check, and they are going to have to use their money to pay their rent, pay their mortgage, said Nocerini.

She says if you are set with your bills, to save that money, until the market opens again.

"History has shown that it may take time, to do that, but it has always come back stronger after something like this happens, said Nocerini.

For more tips, visit https://banknib.com/lpl-financial-2/.

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Bills, savings and retirement: Having three 'pots' of money can help in tough times - UpperMichigansSource.com

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April 21st, 2020 at 3:47 pm

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