Paul Haarman

Paul Haarman says the ongoing coronavirus pandemic has caused unprecedented economic disruption. In addition to taking a horrific toll on the health of millions of people all over the world. With many businesses forced to down shutters, some forever, the situation has turned grim for many households. Even though the economy is getting back on its feet. This event is a warning to all to take a good look at the state of their finances and improve it to meet the challenges of the future. Some practical tips:

Review Your Expenses

Paul Haarman says making a budget will help you to know if you can live within your means. And save enough to meet your long-term objectives. By tracking your expenses, you will also be able to learn where your money is going so that you can make adjustments to your lifestyle to save more. Look closely at your dining and entertainment expenses, the way you commute, the car you drive, and the place you live in to ensure that they are in line with your financial profile.

Create an Emergency Fund

Emergencies, by their very nature, arrive unannounced, and you can have a tough time managing if you do not have enough savings stashed away in cash or highly liquid assets. You or someone in your family could suddenly have a medical situation, you could become jobless, or you may even have a family situation that requires you to have immediate access to cash. If you do not have any savings, try to keep aside small sums until you have at least six months of living expenses saved up, according to Any savings you manage after this can be invested to give you better returns.

Reduce Your Impulse Buying

One of the most common reasons why people tend to overspend is that they use their credit cards carelessly. Without having an idea of how they will be able to repay the amount. It can be a good tactic to freeze all your credit cards, except one reserved for emergencies. By contacting the card issuer or by simply locking away your cards and not carrying them with you. You can also put a complete credit freeze with the credit bureau, which will also protect you from the risk of identity theft.

Plan Actively for Retirement 

While you will already have been contributing to the 401(k) account of your company, you should think hard on how to boost your contribution to at least 15-20% of your income. All employed persons should aim to save at least 20% of their income to sustain themselves when they are retired. If you are not able to reach the 20% mark immediately. Try to boost your contributions steadily in small increments. Until you can manage to consistently save and invest a minimum of 20% of your annual income.


Ensuring financial wellbeing has many dimensions and it can be helpful to take the help of a qualified financial advisor. Who can take you through the complexities of making investments, buying health, disability, and life insurance, mortgages, estate planning, and more. Financial advisors are the best people to help you to achieve financial wellness and long-term financial goals.