“There are decades where nothing happens; and there are weeks when decades happen.”-Vladimir Lenin

“The last leg of a bull market always ends in hysteria; the last leg of a bear market always ends in panic.” – Jim  Rogers

We are all aware of the pandemic but…do you remember the previous 14 over the last 40 years? Probably not. We recovered from them and we’ll recover from this.

But what CAN we DO?

• Minimize contact with groups; work & do schoolwork online.
• Go for walks, read a good book or The Good Book.
• Watch a favorite movie, VHS, DVD or online.
• If you play an instrument- practice. If you don’t, listen to music as it soothes the savage beast.
• Work on your taxes (returns may have been extended to July 15, but payment is still due April 15).
• If you’re eligible and haven’t made any ‘19 or ‘20 IRA contributions, consider doing so now.
• If possible, invest cash in a brokerage account and ‘buy low’.
• Take advantage of the warmer weather and start a vegetable garden.
• Don’t watch any more ‘news’ than usual- it’s not going to be real good for a while.

And PLEASE contact me with any concerns!

Each year, the Bureau of Labor Statistics reports on consumer spending patterns. According to the 2019 report, consumers spent an average of $61,224 in 2018.*

*Average annual expenditures per consumer unit. Consumer units include families, single persons living alone or sharing a household with others but who are financially independent, and two or more persons living together who share major expenses.

U.S. Bureau of Labor Statistics, Consumer Expenditures 2018, released September 2019

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2020.

Would you take on a 30-day challenge to spend money only on necessities such as rent, utilities, and groceries? During a no-spend month, many common activities — including dining out, buying movie or concert tickets, and shopping for clothes — are avoided at all costs.

The idea behind a 30-day challenge is that the time period is just long enough to help change bad habits without seeming intolerable. If frugality isn’t normally your forte, closely scrutinizing your spending could reap hundreds of dollars in savings. More important, it could help identify ways you might be wasting money on a regular basis.

Start by setting a positive goal for the money. Will you use the extra savings to pay down credit card debt or build up your emergency fund?

Here are some other ways to prepare for a successful challenge.

Time it right. Periods that include major holidays, planned vacations from work, and family birthdays are probably not the best for taking on this type of household experiment. On the other hand, it could be ideal to begin the new year with a “fiscal fast.”

Establish rules. Take your fixed expenses (i.e., rent/mortgage, utilities, phone bill, insurance payments) into account when planning your no-spend month. Evaluate your typical monthly discretionary spending to figure out where you can reduce or eliminate your spending for the month.

Plan to break patterns. Fill up your freezer and pantry with groceries and collect ideas for easy homemade meals. Steer clear of your personal spending triggers, which could mean staying off the Internet or waiting until later to meet up with friends who are big spenders.

Seek out free and fun entertainment. You don’t have to stay home for an entire month. Spend the day visiting a public park or beach, or look for free concerts, outdoor movies, art festivals, workshops, and other special events hosted by community groups.

Stay focused. When you get tempted to spend, remember your goal for the money you’ve saved. Keep a record of your progress to have a tangible reminder that your efforts will pay off.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2020.