The Dos and Don’ts of Finances During A Pandemic
During trying times like the pandemic now, managing finances is a big worry for many people. People would usually panic and go into survival mode, and usually it never ends well for them financially. They would lose sense of their priorities, and then not know what to do when they no longer have the required amount to survive in a lockdown.
Here are some dos and don’ts of financial management during a pandemic lockdown.
Do cut down on spending
As of today, the world has been officially announced to be in a global recession due to the COVID-19 pandemic. Medical officers and authority figures are always on the run 24/7, and the average joes are expected to stay home most of the time. The numbers are still rising, infection rate and mortality rate included. With all these worries, being thrifty is crucial as employers will not be giving out bonuses, raises and promotions anytime soon. Keep a tight check the next time you want to go for grocery runs or shop online.
Don’t put your money before your health
During these trying times, it is undeniable that cash is king. When people are financially stable, especially at a time where it is uncertain how long they have to stay indoors, they don’t have to worry much. However, health is still the biggest wealth. People can be rich however they like, but they still cannot find the cure to cancer or the COVID-19 on their own. Get medical consultation if you feel unwell, and be honest if they inquire about your travel history or condition. Stay healthy, stay alive.
Do get a wholesome health insurance
Now, more than ever, is the best time for people and their families to have a wholesome health insurance. A pandemic outbreak is surely going to cost a lot to recover from, and it is always wise to be prepared for the worst. Instead of relying on governmental authorities for the solutions, having their own backup plan for health
insurances is equally important.
Don’t panic-buy or panic-sell
It is normal to feel anxious when people know the world is hit with a pandemic. However, it’s no excuse to suddenly go and panic-buy groceries and hoard everything for yourself at supermarkets. Panic-buying food will only leave them to expire, which leads to unnecessary wastage in these dire times. Panic-selling assets or investments is equally bad. There is no guarantee that the money in assets won’t recover after the pandemic blows over.
Moral of the story: Don’t panic-anything at all.
Do be wary of the stock market trends
During desperate times, people turn desperate to ensure more finances are secured. Sometimes it’s so much that they let down their guard when observing stock markets and invest hastily. It is best to be extra cautious during the pandemic because the trends are unpredictable. World economies are going through recessions, and stock
prices are becoming temptingly lower. Don’t be hasty, invest wisely and carefully.