Remote schooling this fall will have a negative financial impact on families investinyou (In partnership with acorns.)
. The site asked 590 parents in July and August about the emotional and financial impact of their school-age children returning to their classrooms six months after the Covid-19 pandemic shut them down.
About half of parents said they expect to lose some percentage of their household income because of schools closing, the survey found. Few families said they'd use daycare if the option were available. The rest will require at-home supervision.In ordinary times, Henske says, he discounts predictions that say, "This time is different."
But on several fronts, he admits, the time we are living in has some distinct differences. "You're dealing with a short-term unknown," he said. Though we usually try to think long-term when it comes to money, Henske says Covid-19 makes it a time to think short-term.If your cash flow tightens and you start worrying about how to stretch your money among several goals, there is really just one choice: the emergency reserve. "You can always repurpose that money in six to 12 months," Henske said.
Even though the CARES Act makes it possible take a withdrawal from a retirement account like a workplace 401 plan before age 59½, you'll want to consider how it
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