“Stay alive” financial planning for middle class families

2 years agoopen0

Many employees and business owners are either out of a job or facing radically reduced incomes. The end of the tunnel is not yet in sight, and no-one had an opportunity to plan for and bulk up their savings to get through this uncertain period.

A self-service financial planning service – or even a high-quality checklist and Excel-based tool – could help middle class families identify areas for cost reduction, model this impact, and identify ways to stretch or even increase their savings.

This doesn’t need to be rocket science – ideas may include things like using an appropriate credit card to convert big expenses into zero-interest EMIs…and the Excel-based tool may simply be a budget where people can input amounts under pre-defined heads + their total liquid savings for the tool to tell them how many months they can last on this and maybe even some benchmarks for what their monthly expenses SHOULD be based on an expert’s calculation and family size.

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