Coronavirus: 7 Things You Can Do to Prepare Your Finances This Weekend
It has been a difficult week for the economy, the stock market and numerous industries - all likely impacting your job, finances and daily life - due to the coronavirus outbreak (COVID-19).
The most important thing you can do right now is to start taking steps to get ready for a potential recession. This weekend is a good time to start! Even accomplishing one of these items will better prepare you for any financial uncertainty:
Create a Bare-Bones Budget: Separate from your regular budget, and it's stripped down to only the necessities.
Make Spending Cuts: Take a look at your current expenses and decide what items you can eliminate. Use that extra money to build up your emergency fund or pay down consumer debts (see next step).
Add Up Your Debts: List out all credit card balances, minimum payments and interest rates. If you can, use the money you saved by cutting back to eliminate debt.
Withdraw Emergency Cash: Take out enough to cover what you would normally spend over a three-day period.
File Your Taxes: If you’re expecting a tax refund, it’s always best to file your taxes as early as possible. Take the time to get this done!
Stock Up on Medication: To increase your supply, contact your insurance company to request a bigger fill/refill or ask your doctor for a 90-day prescription.
Evaluate Your Travel Plans: Travel industry policies are changing and some operations are halting. Consider what your travel plans are for the foreseeable future and contact the travel organization you're booked through as needed.
While it's important not to panic, Clark is urging Americans to “prepare for the worst and hope for the best.”
Team Clark is staying on top of the news to bring you the latest information so you can make the right financial decisions for you and your family.
P.S. We are all in this together. Forward this email to a friend or family member so they can brace their wallets for whatever economic changes come our way.
