How to Protect Your Finances during Covid-19
The corona virus pandemic has stunned the world in all aspects, including the economy. Taking care of your health and practicing social distancing are becoming a "new normal". Even with terrible credit you can still navigate the financial world during covid-19.
The World Health Organization is advising people to wear masks, wash hands, and maintain a distance of at least three feet in public.
People are making substantial efforts to achieve these objectives defined by the WHO and CDC. Corona virus outbreak has the worst impact on personal finances.
In today's article, we will tell you how to protect your finances during COVID-19. Read on!
Review Your Budget
First, you need to reduce spending on non-essential things. For example, eCommerce sites and restaurants are not delivering until further notice, so this is an opportunity for you to cut down on non-essential spending.
It is crucial to create a budget plan. It helps you know how much you are spending on essential items daily, weekly, or monthly. Save the extra money and put that in your emergency fund. Learn how you can get a $250 loan to cover short term expenses.
Make sure you don't spend on subscriptions and online services, especially if you can't afford it. The COVID-19 will hit us from time to time until the authorities announce the launch of vaccines.
Therefore, it is always better to prepare yourself, take care of your health, and stabilize yourself financially.
Shift Your Loans to Online Mode
Covid-19 is a deadly disease, and there is no medicine to treat it completely. The only way to protect yourself from it is by staying home. If you have any loan payments, then shift them to online mode.
During COVID-19, most banks will shut their offices, which means you have to pay the dues online. The same rule applies to Credit Card and EMI payments. So, create an online account with your bank and pay on time to avoid penalties.
Focus on your Emergency Fund
If you haven't started an emergency fund, you have made a colossal mistake. Don't wait and start your emergency fund and try to save as much money as possible. No one knows for sure when the pandemic will end?
Having an emergency fund will give you peace of mind in the worst-case scenario, for example, loss of employment. If you can create and manage an additional contingency fund, then you should start today.
Work on multiple income sources
Social distancing and staying home provide incredible opportunities to work from home. If you have great digital skills, such as logo design, writing, marketing, SEO, programming, you can earn a lot of money.
Most people spend their time watching movies on Netflix. Although it is good to have some entertainment, wasting time means missing an opportunity to earn money. During the pandemic, it has become a necessity for many people to make extra money. We advise you to focus on working online to earn good money.
Due to Covid-19, hundreds of thousands of Americans have lost jobs. The hard economic hit will bring more miserable situations in the future. So, you need to be prepared for them. It is an excellent opportunity to focus on earning money online while staying at home.
|Thomas Moore is a proud American with a Bachelors Degree in Business Administration from the University of San Diego. He has been in the financial industry since 2007 holding numerous licenses in multiple states. He currently helps operate cashkingco.com and our resident expert on all things finance. LinkedIn Profile