Top 3 (and 1 more) things to do for your finances during a Pandemic

21 Mar Top 3 (and 1 more) things to do for your finances during a Pandemic

2020 has not been kind to mankind so far.  The Corona virus has wreaked havoc in not only our personal lives but our financial lives as well.  The markets around the world has seen drops not seen for years. What can you do to prepare you and your loved ones at a time like this?

Well here are 3 things everyone can do:

1. Really take stock of what your financial situation is.  If you didn’t know how much you spend each month on essentials like food, gas, etc now is the time to get to know them!  There are many free tools out there to help you like Mint.com or PersonalCapital.com. You can also just use good old spreadsheet or paper and pencil.  The point is you need to know where your money is going and how much every month.


2. Halt all major purchases for the time being.  I define “major purchase” as things like car, house, big vacation (remember social distancing?  Cruise Ship… heck no) or anything in the thousands of dollars. You need to protect your cash reserve at this moment since we have no idea how long this crisis will last. Protect your emergency fund if you have one. If you don’t have one then it is even more crucial to manage your spending carefully.


3. Know how to get help if you need it.  Everyone needs help at some point in their lives.  It is okay to seek help when the times are hard, especially during unprecedented times like this.  If you are feeling the pinch financially know there are options. Talk to your landlord, bank, etc and negotiate payments on credit card, rent, and other essential expenses every month.  Many of them understand the hardships people are going through and are definitely willing to help you where they can. Don’t be afraid to ask for help!