How to manage your finances after a year of pandemic life

PHILADELPHIA (KYW Newsradio) — We are moving into post-pandemic life slowly but surely.

“People, for good or bad, are over this,” said Andrew Rosen, president of Diversified Lifelong Advisors. “Airports are starting to fill up, people are going inside (restaurants) — at-risk people too, not just 22-year-olds. Restaurants are filled with gray-haired people. I think that tells you something.”

Now, many people are looking at their finances and wondering what to do next.

Rosen works with clients from all different backgrounds. His main advice during the pandemic has been to look at where your finances have been over the past year.

“Were you one of those people who needed bailouts and your savings got decimated? You or your spouse lost your job and now we have to work to rebuild? Are you one of those types of clients for us? Or, are you someone who will just spend differently moving forward? Or, were you someone who has a lot of cash and was really helped by this and we’re readjusting moving forward differently?” he said.

On one hand, Rosen said many people have saved a lot during the pandemic considering fewer vacations, concerts, ballgames and the cost-effectiveness of working from home.

“Everyone could use a little more savings for retirement or money saved for their kids’ college,” he added. “So we’re putting it to work for their finances, building up that emergency finances even greater.”

On the other hand, Rosen understands that some people’s finances may have been completely destroyed by the coronavirus.

“Let’s not worry that you had to take a 401(k) loan or you did things that will set you back,” he advised. “We’ll get to that. Let’s start simple, start small, one step in front of the next and do it with a positive attitude.”

For more, listen to the KYW original podcast KYW In Depth above.