There is a lot of hair-raising information these days about the stock market and the looming possibility of a recession. The global virus is mostly to blame, having thrown a massive wrench in the hospitality industry. Many other businesses are suffering as well. There is a very good possibility that people will be working from home more frequently. Not only will this affect your personal spending if you have a set budget, but there are cautionary measures you must consider that you might never have had to worry about before.
The number one regret of many Americans is that they failed to plan for eventualities like retirement or catastrophic times, such as illness or another emergency. Saving money is incredibly important, now more than ever. In addition to setting aside a future nest egg, there are some other common-sense caveats you should be aware of.
Any major purchases should be put off indefinitely. This includes cars, homes, boats, and major vacations. Now is not the time to be frivolous, since we really don’t know what lies ahead, economy-wise.
In addition, be aware of potential scams. In times of strife, there will always be a sinister element trying to make money off of other peoples’ fear and hopefulness. Any agency asking for money should be researched and reported immediately.
If you do have a lot of debt, try to consolidate it. There are plenty of agencies to help you do that. Prioritize the loans that need to be paid off most urgently, but it helps to chip away at several major bills at once, if possible.
Now is a better time than ever to create some new income. It’s even possible to earn extra side gig money with limited exposure to the public. If you have an entrepreneurial spirit, don’t hide it, explore it, but with an aura of caution, of course.
The old adage that it is better to be safe than sorry is very apropos. For this reason, it is a wise idea to prepare for other eventualities, such as the closing of financial institutions or credit card machines. Keep a small supply of cash-on-hand, stored safely in your home, on the off-chance you might need it to purchase food or fuel or water.
Many people are one illness away femur being destitute. In a case of a global pandemic, it is beyond common sense to have a good health plan in place.