There are many things that we can do to protect ourselves regarding our finances when it comes to dealing with the Coronavirus lock down. First, we need to know how much our net worth is, so we need to calculate our savings, our investments and all of our assets. We should also make a budget to help us deal with the coronavirus and allow us to not spend great amounts of money on things we do not need. Finally if possible, consolidate your debts as it’ll allow you to knock down your interest and pay less over time.
- Even if your job has been spared during the COVID-19 pandemic, you need to prepare yourself for the possibility of financial uncertainty.
- Sit down and figure out all of your assets, as well as all of your debts and liabilities.
- Create a household budget, cut some unnecessary expenses, and consolidate all your debt.
“Once you trim the fat on things like shopping habits and memberships, it’s time to get really honest with yourself.”