The Coronavirus and your finances. 8 key steps you can take.
By now, I am certain you are taking the precautionary healthy steps to protect you and your family from the Coronavirus. It is my experience that panic can ensue regarding financial matters during times like this. Usually, it is AFTER an event such as a hurricane, tornado, or sudden death of a loved one. This puts you in a reactionary mode. We are at an advantage with this virus, in that, we can put together a plan in advance. To help with this, I’ve put together 8 key financial moves to make during this time of unrest. They are:
1) Do things that help you relax. Emotions and finances are a bad mix.
2) Get some cash
3) Pull money from your savings account with the lowest interest rate 1st.
4) Use your credit card with the lowest interest rate 1st.
5) Leave your existing investments alone.
6) There’s a stock clearance sale right now. This is the time to buy.
7) Pay ahead or more on key bills and keep your receipts. Mortgage, rent, electric, gas, water, etc.
8) Don’t get down if your financial plan gets interrupted. This is why you have a plan.
On another note, the FED decreased interest rates last week. This is usually done to stimulate the economy. How does it impact you? Low-interest rates mean it costs you less to borrow and invest. So, if you are thinking about:
1) Getting a loan – start paying attention to loan interest rates. They should drop soon.
2) Paying off your credit cards – if they have a variable rate, which they probably do, pay more. You can pay it off faster when the rate is lower.
3) Saving money – lock into a higher rate CD before rates drop.
If you find these tips helpful, financial coaching is probably a good fit for you. Click here https://calendly.com/lwilliamfinance to schedule your complimentary 20-minute Q&A. Let’s talk about what’s going on with your money and how I may be able to help.