Officially, the Coronavirus has been announced as a pandemic by WHO as it has played a major role in disturbing the stability of not only the US economy but all the economies worldwide. Not to mention the stock market that has hit the lowest level since the last market crash in 1987 and there are several other industries that are harshly affected and as a result are laying off workers.
Governments of all the nations and medical experts are spreading awareness as it is crucial for the citizens of all countries to remain prepared for this pandemic to become worse. People all over the world are hoarding basic supplies lest they are urged to stay back at home for an indefinite period of time. Financial advisors are constantly giving advice on how this instability could affect your personal finances. Here are few things you can do amidst the financial fiasco.
Don’t do anything with your investments now
If you ask any financial advisor, they’ll ask you to let go of all investments during times of uncertainty and instability. Letting go doesn’t mean selling them off but not doing anything about them. This is a good time to re-check your goals and ensure that all your investments are aligned according to your goals. In case you had thought of purchasing a house, this drop in the market is really dramatic and shouldn’t prompt you to take any step towards realizing your dream.
Keep boosting your emergency fund
During such a crisis period, your priority should be in boosting your rainy-day fund. If you had already been doing so throughout the year, this is even more important now at the wake of this crisis. In case you fall sick or lose your job due to contracting the virus, you have to fall back on money. Set a target to keep aside 3-6 months of expenses in your emergency fund. If you think you don’t have it still, it’s high time you start making small sacrifices to boost the money in your account and stabilise your future.
Offer a helping hand to others
If by the grace of God, you’re still able and you’re earning or you fall among the wealthier category, utilize your money to assist your family members, your friends and also the broader community. Try your best to patronize all the local businesses like the hair stylists, cafes and restaurants as they can make up for the lost income and revenue. On the other hand, if you’re totally isolated, start donating money to the food banks. Consider getting devices to people residing in high-risk environments so that they could stay in touch with their near ones and not feel isolated.
Well, in the middle of a financial crisis, there’s literally a lot that you can do. But now that we’ve been affected by a deadly virus, the Coronavirus, be diligent and responsible about washing hands. Stay educated about the virus globally and locally so that you can do your best to avoid getting infected with it.