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.
Don't miss
- Commercial real estate has beaten the stock market for 25 years — but only the super rich could buy in. Here's how even ordinary investors can become the landlord of Walmart, Whole Foods or Kroger
- Car insurance premiums in America are through the roof — and only getting worse. But 5 minutes could have you paying as little as $29/month
- These 5 magic money moves will boost you up America's net worth ladder in 2024 — and you can complete each step within minutes. Here's how
Buy stocks on sale
Protect your income
Don't miss
- Commercial real estate has beaten the stock market for 25 years — but only the super rich could buy in. Here's how even ordinary investors can become the landlord of Walmart, Whole Foods or Kroger
- Car insurance premiums in America are through the roof — and only getting worse. But 5 minutes could have you paying as little as $29/month
- These 5 magic money moves will boost you up America's net worth ladder in 2024 — and you can complete each step within minutes. Here's how
Make the most of your time off
Prepare to leave your family $1 million
What to read next
- Cost-of-living in America is still out of control — use these 3 'real assets' to protect your wealth today), no matter what the US Fed does or says
- Jeff Bezos and Oprah Winfrey invest in this asset to keep their wealth safe — you may want to do the same in 2024
- Stop crushing your retirement dreams with wealth-killing costs and headaches — here are 10 'must-haves' when choosing a trading platform (and 1 option that has them all)
