Protecting yourself financially is just as important as your physical health
We all want to do what we can to minimize the impact of the novel Coronavirus, Covid-19, on our lives. But practicing social distancing, ensuring we’re washing our hands enough, and working remotely all only protect us physically. If like many Americans you’re worried about your finances during these uncertain times, there are a few steps you can take to make sure that you protect yourself physically as well as financially.
Take a look at your existing budget
The first step you should always take when any kind of crisis happens is to look at your budget. Where are you regularly spending money on a month-to-month basis, and has your income changed? If your income could be affected by the steps being taken to minimize the spread of Covid-19, make sure you account for that possibility. Once you’ve gone over all your expenses, see what you can minimize or entirely remove. Many people are now working from home and will be driving far less, meaning they can save a significant amount of money on gas. If you have a tendency to buy lunch while at work, you can cut that expense out as well, with homemade meals as a substitute. Any dollar you can save during this time will only help you, and put you in a better position to take care of your family.
Find online side-employment
If you’re worried about the stability of your employment, an online side-job can help you supplement your income. Working part-time as a bookkeeper, sales representative, or virtual assistant are all jobs that provide real value to businesses, and will allow you to stabilize your income. If you have skills as a designer or in web development, taking on contract work can also give your income a boost while allowing you to stay home and healthy!
Invest where you can
Our last piece of advice would be to invest as smartly as you can, wherever you can. By investing you can grow your wealth over time, and potentially see significant returns. While we don’t recommend that you start blindly investing, getting in touch with a qualified stockbroker is never a bad idea. They can help you determine what kind of investments will make sense for your financial situation, and what kind of minimum investment you will need to see results. If you’ve been able to trim a significant amount of expenses out of your budget, that additional money can be invested to help grow your wealth.
All of these are examples of ways that you can protect your financial health during this outbreak of Covid-19 but remember: nothing is as important as your physical wellbeing. Make sure that you practice social distancing, avoid large groups of people, and wash your hands as often as possible. We’re all in this together, and by coming together as a nation we can ensure that our future is bright!