There’s no doubting that the novel coronavirus has truly changed the lives of millions around the globe. Millions (if not billions) of people have been hit right in the bank account during the outbreak, and survival is becoming a bit more challenging every day.
Now is the time to take every precaution and make every move possible to handle your money more efficiently. There’s only so much to be gained from stimulus money and unemployment, so you’ll have to come up with a plan.
Take a look at a few helpful tips that will give you guidance on how to manage your personal finances a little differently during the fallout of the coronavirus.
You need to remain focused
Staying calm during this tumultuous time is key. Don’t freak out and sell all of your stock holdings. Don’t start unloading everything you have of value.
If you have an old stagnant rental home sitting around, you may want to look into a quick cash sale of the house to get a bank booster in order. However, it’s not necessary to sell your personal dwelling to make ends meet. Try every other route before giving up your home base.
We’re not there yet, and if everyone does that we will be there sooner than later. Stay focused on wise financial decisions, and try to tone down your everyday spending.
Research your financial options
There are resources available to help supplement the loss of income in your household, but you may have to do a little digging. The national stimulus check was a simple collection, but there are other ways you may qualify for assistance during this monumental occasion.
Don’t sit around in your fret, and do some research on grants, loans, and other financial supplements offered by the government, small businesses, or philanthropists. Take action to find resources for yourself and your family.
Create a new emergency budget
Rework the way your personal budget is designed. Focus on needs instead of wants, and cut the fat from your regular budget. Saving money is crucial when you aren’t sure you’ll have a steady income to work with in the future.
Consider tapping into your 401(k)
If you’ve put into a 401(k) retirement plan, the special circumstances caused by COVID-19 have cleared a penalty free path for you to tap into that savings.
Of course, you don’t want to go overboard. Take the time to at least consider the ways your retirement funds may be able to assuage the financial stressors of the pandemic.
Utilize your credit cards
You can always get or utilize a current credit card to help bridge the financial gap in your home. However, you should be very cautious. Again, no one really knows how this will all play out. It may take some time for the economy to return to some level of normal, and you don’t want to be swimming in debt by then.