During uncertain times, having a pandemic financial plan is crucial. Here’s how our plan saved our family, and how you can start one today. This post is sponsored by Florida Prepaid College Board. All opinions are my own.
How Our Pandemic Financial Plan Saved Our Family
The light at the end of the tunnel. Are you beginning to exhale again?
Florida has slowly begun opening back up again. Beaches are filled. Theme parks are phasing in. As surreal as the interruption came into our lives, I’m finding it more surreal to watch the pandemic dissipate into a distant memory for some. With jobs and futures uncertain in the days, months and years ahead, I can’t fully grasp the impact this season will have on our family. I will surely miss the slower days and the quality time. But for me, I can’t be certain that a pandemic won’t be back.
And that uncertainty is unsettling.
Uncertainty. The word itself is why a pandemic financial plan is so necessary. And as unprepared as we were for the months of quarantine, having a plan saved our family from mental breakdowns, chaos, and financial ruin. It’s never too late to start a pandemic financial plan for your family. With these 7 tips, find out how to create your own family plan and protect your family’s future with Florida Prepaid College Plans.
We Saved for an Emergency Fund
I think a pandemic officially qualifies as an emergency.
The world runs on money. Saving money has always been a top priority for our family, because of situations like this. What if my husband had been furloughed? What if I couldn’t take time off to home school our kids? What if we were both hospitalized? All of the “what ifs” forced us to look at our finances in not just present terms – but the big picture.
Having 3 to 6 months of finances saved is recommended. But we aimed for 6 to 12 months – just to be safe. Not only did this money give us wiggle room when the pandemic hit, but also more control over our finances. Because of our savings, we are able to give more to family, friends and charities. We are prepared for unexpected medical bills. We are able to breathe, knowing that money isn’t ruling our household decisions.
We Prepared Legal Documents
During times like these, I am so thankful that our family has good health. But as scary as it sounds, pandemic has taught me to be prepared for the worst. Legal documents as a part of your pandemic financial plan not only protect you but your children in the case of emergency. I recommend that every family should have at least these 6 legal documents right now:
- Will – money, estate, and legal guardianship of children
- Trust – prevents your children from inheriting a substantial amount of money before the age of 18 years. Also allows for flexibility for multiple kids to adjust allocation based on needs.
- Standby Guardianship – in the case of unconsciousness/incapacitation, this allows a trusted family member or friend to act on your behalf to be temporary guardians of your children.
- Power of Attorney – in the case of unconsciousness/incapacitation, this allows a trusted family member or friend to act on your behalf to manage your finances.
- Healthcare Power of Attorney – in the case of unconsciousness/incapacitation, this allows a trusted family member or friend to act on your behalf to make medical decisions for you.
- Children Medical Consent Forms – Allows trusted family member or friend temporary rights to seek and provide healthcare and healthcare decisions for your children
We Cut Back on Extra Payments
I didn’t understand what the term deferment was before this pandemic. And now, you see the term everywhere. While paying off our mortgage early was our goal, cutting back to just what is needed during this time has been helpful. Payment deferments are also helpful if you are in need of financial relief. There are lots of bills eligible for deferment during this time (Florida Prepaid deferment, for example). Alternatively, payments that are close to being paid off but have large interest rates could be more beneficial to pay in full now – if you have the flexibility to do so.
We Are Pinching and Saving
Finding the good during a pandemic is hard, but not impossible. Being able to save money in the midst of all of this has been such a blessing to our family. I think we’ve bought only one tank of gas during our quarantine time. We aren’t spending a ton on entertainment. We are eating at home more, saving on restaurant costs. We are more resourceful with things we already have in our home.
By saving money in other areas of our lives, we can allocate that money towards other expenses, boredom busters, and helping others. We are able to run our home better and more effectively. And we can be flexible and adjust our pandemic financial plan for unexpected costs, fun things to do and saving for the future.
We Are Making Smaller Financial Goals
We were saving up for a vacation, a new car and even a new camera for my business. And that was just a few goals for the next few years. But instead of looking at the big picture, we’re scaling back to look ahead at only a few months from now. A few weeks, even.
The new car is on hold as we stay parked in the garage for awhile. That family vacation out of the country may be another few years away. But we can make sure that we set new goals for our grocery bills, our stay-at-home entertainment, and even our weekly “take out” meals. Setting smaller, more obtainable goals allows us more control over our lives. And more successes when we reach our goals.
We Realize This Too Shall Pass
This season of our lives is temporary. As hard as it seems, as uncertain as it may feel, the pandemic will soon be a blip in our memory banks. Sure, we will definitely walk away with so much more knowledge, understanding and a broader vocabulary.
“Remember back when social distancing was a thing?“
But eventually, we all will live on. Those hard life lessons make us better. Stronger. More prepared. The same with our pandemic financial plan. Knowing what we know now, planning can be our safety net for years to come.
We Are Still Dreaming for the Future
Even with a pandemic financial plan in place, I still feel guilty about wanting to spend money on a new car, a new camera, or even some new shoes. But it’s ok to still dream. With Florida Prepaid, our family can still dream about college. My children’s college education dreams are safe, secure and protected with our 4-year University college plans in place. And it’s one of the best investments we’ve ever made, especially now during this uncertain time.
With the stock market crashing and investments plummeting, knowing that our college dreams are safe from a pandemic is comforting. If you’ve been wondering if Florida Prepaid College Plans are right for your family, now is the time to secure those dreams. Use 2020 Florida Prepaid Promo Code RAIS1920 at checkout to save $50 off your enrollment. With payment deferment through July 20, 2020 and locked in rates starting as low as $44/month, it’s a pandemic financial plan that ensures that the future is still obtainable.
But hurry, 2020 Florida Prepaid Open Enrollment period ends on May 31, 2020. Lock in this year’s low rates before they go up and take advantage of $50 off with code RAIS1920. Learn more about Florida Prepaid, access your account 24/7 and sign up for a new Florida Prepaid College Plan at MyFloridaPrepaid.com. Follow Florida Prepaid via Facebook.com/FloridaPrepaid,Twitter at @FloridaPrepaid and Instagram at @myfloridaprepaid for the latest updates.
What would you put in your pandemic financial plan?
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