Like a lot of people, you may be wondering how the global pandemic that’s currently underway will impact your finances and various other aspects of your life. Well, I’m not able to see the future but I have spent a lot of time reading up on available resources and have also put together a few tips of my own on how to weather the storm.

If you are curious about how the Coronavirus will impact your financial future, keep reading!

Now is a Great time to Diversify your Various Sources of Income

If you are self-employed or a small business owner, these are uncertain and scary times. Just staying afloat may seem next to impossible right now. But don’t forget that the gig economy provides us with numerous ways to make money in a pinch. If you need some additional cash flow to offset lack of business, be sure to read my article on ways to make extra money in 2020 and beyond (Insert link here).

If You Don’t Need Your Stimulus Check to Pay Bills, Save it!

You’ve probably received your $1200 economic stimulus check by now. If you haven’t spent it on bills, consider investing it or putting it towards high interest debt. A second wave of stimulus funds is being discussed. So, if you used your check to make ends meet, consider adding any future monies you may receive to your emergency fund. If you don’t have one, that brings us to my next point.

Start an Emergency Fund

If you already have an emergency fund, congratulations! If you don’t there’s no time like the present to start one. If you’re wondering how to go about establishing an emergency fund, you can check out my article on that right here. (Insert link).

Look to the Long Term

Don’t sell off your stocks and securities in a panic. Things will get back to normal in time and your portfolio will bounce back. Also, keep in mind that a Bear Market (as it’s known) can be a great time to pick up stocks that people are selling far below their previous market value.

Don’t Despair Over Your 401(k)

Do not panic when you see that your 401(k) has taken a nosedive. The global economy is in flux right now and that is naturally going to reflect in the market. However, the best thing you can do is nothing. Just hang tight and know that things will bounce back over time. Continue contributing up to the maximum employer match point and ride out the storm.

Start an Emergency Fund

If you already have an emergency fund, congratulations! If you don’t there’s no time like the present to start one. If you’re wondering how to go about establishing an emergency fund, you can check out my article on that right here. (Insert link).

Look to the Long Term

Don’t sell off your stocks and securities in a panic. Things will get back to normal in time and your portfolio will bounce back. Also, keep in mind that a Bear Market (as it’s known) can be a great time to pick up stocks that people are selling far below their previous market value.

Don’t Despair Over Your 401(k)

Do not panic when you see that your 401(k) has taken a nosedive. The global economy is in flux right now and that is naturally going to reflect in the market. However, the best thing you can do is nothing. Just hang tight and know that things will bounce back over time. Continue contributing up to the maximum employer match point and ride out the storm.