“Psychologically you have to work through wants versus needs.”Other key spending questions she poses are: Can you afford your home? Focus on health insurance. When many people lose their jobs, they lose health insurance coverage for themselves and family. Those laid off can often continue their insurance under a COBRA plan, Ms. Price said — but it can be onerously expensive. “One client, a good friend who will turn 60 in a few months, was laid off facing a $1,700-a-month health insurance bill,” she said.

Source: New York Times May 08, 2021 09:00 UTC