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.
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Kiss Your Credit Card Debt Goodbye
Millions of Americans are struggling to crawl out of debt in the face of record-high interest rates. A personal loan offers lower interest rates and fixed payments, making it a smart choice to consolidate high-interest credit card debt. It helps save money, simplifies payments, and accelerates debt payoff. Credible is a free online service that shows you the best lending options to pay off your credit card debt fast — and save a ton in interest.