We’ve already seen shocks to the economy because of the coronavirus pandemic. With increasing levels of uncertainty, you may be worried about your finances – naturally. If you don’t have an emergency fund stashed away (around three to six months’ income), don’t panic.
Everything you need to know to help you financially during the COVID-19 outbreak.
Scale back. Now is the time to take a closer look at your outgoings. Could you trim back anything you don’t need? Even if you are currently earning, put some money aside for that emergency fund. One idea is to put any money you’re saving from limited traveling, eating out, and other events.
Stay calm. Even though it’s completely normal to panic and worry about the future of your career and income, it’s best to stay calm and think of the positives. It’s hard to make good decisions in a state of panic or stress. Take frequent breaks to do things that you enjoy, and ensure you’re getting in plenty of exercise, meditation, and mindfulness every day.
Consider your credit. A number of companies have put measures in place to help those struggling with debt because of the pandemic. If you have debt, such as credit cards and loans, call up your providers and explain to them that you’re struggling to make payments. You may be offered some relief such as deferred payments,
We hope these tips help you to manage your money throughout the pandemic and beyond. For financial protection in the form of reliable insurance, talk to the professionals at Kneller Agency. We help you to find the right coverages at the best price.
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