We wanted to share some information about what you can do to put yourself in the best financial situation right now. The coronavirus outbreak has created a lot of anxiety.
Before anything else, grocery stores and pharmacies aren’t closing. You’re not getting evicted. Take stock of what you have in your pantry, refrigerator, and freezer. Take stock of your prescription and non-prescription medications. Make a list of what you have and what you’d like to pick up. Making a list can help you ease your anxiety about not having enough. Here’s a few more things you should add to your list of to-dos.
1. Ignore the urge to check your 401(k), 403(b), IRA, or other investment accounts
If you’re invested for the long term, avoid looking at these accounts right now. Remember that a loss in portfolio value is not a real loss until you crystalize it by selling off your investments. Do yourself a favor and ignore all the hub-bub about what’s happening in the markets on a minute by minute basis and focus on that long-term strategy.
2. Take stock of your current financial situation
Knowledge is power. Understand where you’re at with your finances by doing a simple exercise to figure out your net worth. For a simple to use net worth calculator, go here.
3. Bulk up your personal finance knowledge and check your credit
Pick up a personal finance book, listen to a personal finance podcast or youtube channel, and bulk up your knowledge of how to manage your money and save for the future. Some of our favorites include David Bach, Canna Campbell, Bola Sokunbi, Michelle Singletary, Farnoosh Torabi, Liz Weston, and Dave Ramsey.
Credit fraud tends to increase in times of crisis, for a free credit report go here.
4. Review your bills and monthly commitments
The coronavirus has affected everyone. It won’t be a secret that some people are having trouble making ends meet right now. Check for any official communication from your landlord, your utilities, or your credit card companies. Check your email, their social media accounts, or their website. Maybe they’re pre-emptively offering to put rent payments on pause or lower monthly bills. If not, call them up and ask.
5. Take time to recharge
Get your money questions answered
Have more questions and want to get them answered? Email them to emma(at)meethoneybee.com