American Consequences - August 2020

Skip the salon . Even as we reopen, sitting in a salon with poor circulation is a moderate- risk activity for COVID-19. If you just need a trim, invest in some hair-cutting scissors, and watch a few tutorials on YouTube. It’ll save you time, money, and the risk of catching the virus, particularly if you’re in the most vulnerable groups (those over 65 and folks with diseases like heart disease, diabetes, or immune diseases). My researcher picked up a $12 pair of Conair shears from Target to use for her son’s hair. Cancel or suspend in-person memberships . Activities like going to the gym still carry a higher risk than outdoor activities, so take the time to evaluate if you’re really using that membership. The same goes for memberships to the movies, theaters, and museums. Take a look at your credit- card statement to see if you have recurring membership fees and consider canceling them. Some places may also offer to freeze or suspend your account, so consider calling and asking for this first. Put your vacation funds to work . We know so many folks who either canceled or postponed their annual summer vacation due to the coronavirus. If that’s you, then you have those funds saved up and waiting... So put them to work. Invest them in the market or use them to fund a high-yield savings account. Then next year, you’ll have much more vacation money to spend.

Don’t stop investing in your 401(k) . We’ve had several folks ask if they should continue funding their 401(k) in light of the market’s flux. The answer is yes, always yes. You invest in your 401(k) for the long haul. That means giving it plenty of time to grow and compound. In fact, investing now while stocks are cheap could be a great opportunity to fill out your retirement portfolio.

American Consequences


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