Your first instinct may be to stock up on essentials and barricade yourself in your home, but hand sanitizer and toilet paper won’t save you from the economic repercussions.

Here are some tips for protecting your money from the financial fallout of the coronavirus.

Boost your emergency savings

If your employer shuts down operations due to the coronavirus – even just temporarily – it could hurt your ability to cover your monthly expenses.

Do you have emergency savings? Many financial planners recommend stashing away enough money to cover at least six months of your regular bills, like your mortgage, car payment, utilities and groceries.

There’s no need to panic if you haven’t saved up enough to sustain your household for half a year, but you should start building up a solid emergency fund as soon as possible.

Even putting aside just $60 a month ($15 dollars a week) can help you create a financial cushion for lean times.

And be sure to keep your emergency fund in a high-yield savings account – so your savings will accumulate the best possible interest and grow over time.

Buy stocks on sale

Protect your income

Make the most of your time off

Prepare to leave your family $1 million

About the Author

Shane Murphy

Shane Murphy


Shane is a reporter for MoneyWise. He holds a bachelor’s degree in English Language & Literature from Western University and is a graduate of the Algonquin College Scriptwriting program.

What to Read Next

‘It hasn’t been normal’: As mortgage rates rise for a fifth week, it’s time for homebuyers to abandon their old assumptions

Today’s tougher environment isn’t unusual and could be just the ‘remedy’ the doctor ordered.

Astonishing job gains in July more than double expectations, erasing pandemic losses and easing fears of a recession

While the U.S. has seen two quarters of negative GDP growth — a typical recession sign — economists say current conditions are anything but typical.

5 ideas from Suze Orman: What you can do now about high prices and rising interest rates

The famous money adviser says it’s not too late to get your spending and saving in order to weather this shaky period — which might get worse.