Putting Together A Financial Gameplan During Pandemic

CHICAGO (CBS)-- Even if you're fortunate enough to still be earning a paycheck, the uncertainty of the COIVD-19 economy has made many investors wary.

CBS 2 business analyst Jill Schlesinger discussed the importance of putting together a financial gameplan during the pandemic. She answered the question, if you have extra cash is this a good time to invest or to save?

"I want to emphasize the 'big three' things that every American should be focused on, every single person in Chicago should know this down to your bones," Schlesinger said.

First, she said, you need to have an emergency reserve fund that includes six to 12 months of living expenses. Next, she said you need to pay down consumer debt, car loans and student loans. The third focus, Schlesinger said, is to try to maximize whatever retirement plan you have, not just up to the max, but the up to the legal limit.

"Once those three things are accomplished, you're gonna find everything else is pretty easy," she said.

For more tips on saving and investing, go to Schlesinger's website.