How to Take Back Control Over Your Finances When Everything Else Is Falling Apart
The widespread disruption to normal life caused by the coronavirus pandemic not only halted the social lives of Americans but also threatened their livelihood. The current climate certainly led many to reevaluate their financial well-being and preparedness in times of uncertainty.
This may also mean feelings of helplessness over one’s finances. But while there are aspects that people have no control over, there are important money matters that they can more or less still manage to protect themselves from taking more hits during the crisis at hand.
Staying Persistent with Saving
Those lucky enough to still have a source of income should make sure to set aside more money into their savings accounts more than ever. Although the best time to build an emergency fund is way before disaster actually strikes, it’s still advisable to continue to stay disciplined with saving, especially for a one-year emergency fund. This tip is advocated for by financial expert Ramit Sethi during one of his recent ‘fireside chats’ where he gives away money advice in the backdrop of the coronavirus pandemic.
Staying on Track with Goals
The rapid spread of the novel coronavirus has practically changed the way that a good part of the world’s population lives. However, this shouldn’t mean that one has to put a stop to or completely change their plans for the future. It’s fine to continue working towards previously planned goals whether it’s preparing for retirement or saving for a trip.
It may seem too late now but it would still be worth it to finally get insurance protection. In fact, signing up for term life insurance remains to be an affordable process even with concerns over the coronavirus. Another kind of insurance people would benefit from having is a disability.
Doing so would ensure that a person would have something to replace their income should they become unable to continue working due to an injury or sickness. The good news is that COVID-19, the disease caused by the coronavirus is covered under standard policies.
Staying on Top of Debts
Lastly, remember that the current health crisis is a national one with many people in the same boat. Thus, lenders are willing and are making adjustments for their affected borrowers. People who may be unable to make their monthly payments can directly contact their lenders to figure out what options they have. Some may even offer waiving interests or deferring payments.
More in Career
The Important Life Lessons Millionaires Wish They Knew When They were Young
Knowing what you know now, don’t you just wish you can go back in time to give your younger self some...December 28, 2020
Stand Out from the Competition and Highlight this Important Skill Set in Your Resume
More than technical skills, your resume should also highlight your transferable skills. Also known as soft skills, this set of skills...December 27, 2020
Thinking of Starting a Business? 3 Industries Rife with Opportunities Even During the Pandemic
With most businesses already struggling, you might think the pandemic isn’t the best time to start one of your own. While...October 21, 2020
Oprah Winfrey Once Received a Shockingly Low Salary for a Steven Spielberg Film
Oprah Winfrey is a highly successful talk show host. But apart from this, many do not know that she is also...October 20, 2020
Tiger King Joe Exotic Won’t Let Prison Stop Him From Getting Justice… and Millions off Dollars
As Americans were gearing up to spend more of their time inside their homes due to the coronavirus pandemic, Netflix released...April 18, 2020
YouTuber Emma Chamberlain Can Already Afford This Multimillion Purchase and She’s Only 18
Internet celebrities like YouTube stars and social media influencers are sometimes looked down upon. For some, this segment of entertainers and...April 18, 2020
Wealthiest U.S. Congressmen Did Something Suspicious Before the Stockmarket Crash and People Are Livid
The general public may have only had a vague idea of who Kelly Loeffler is a couple of weeks ago. But...April 18, 2020
Mistakes All Dog Owners Should Avoid at All Costs, According to Veterinarians
Many people take pride in being a dog mom or dad. What a lot of them may overlook though is the...April 18, 2020
Adam Neumann Loses His Golden Parachute: Is Bankruptcy on the Horizon?
It’s no secret that businessman Adam Neumann has been in hot water as of late. As the controversy surrounding his company,...April 18, 2020