The Covid19 virus outbreak may have increased the concern for general health and cleanliness, although, this impacts of the outbreak span far further than keeping yourself safe from infection. This is because global lockdowns have forced several sectors to shut down and countless professionals are forced to patiently await the return to normal at home. However, the impact on the international economy is exceptionally concerning as many have predicted that the virus will bankrupt more people than what it will kill. To avoid complete internal chaos, you should consider the following methods of keeping yourself financially secure.
Safe Haven Investments
If you have been saving and investing funds, you may already be aware of the stock market plummeting and the international losses as a result. However, while many investors have pulled out their funds it would be wise to leave at least some investments as the economy will eventually resurface. In addition to this, if you are among the lucky ones to still have an income flow, you should consider searching for a safe haven investment to build up financial security. While many claim gold is a safe haven, the rise of digital currencies opens a doorway to another safe haven investment; the Bitcoin.
While Bitcoin is not entirely unaffected by the global crisis, some have predicted its value will surge later this year. Therefore, it would be a fantastic solution to buy Bitcoin with your bank account and enjoy a fraction of peace of mind during this trying time.
Craft An Emergency Budget
If you have a reduced income, you will need to create an emergency budget to ensure you are not overspending. In addition to this, you should also search for coovid19 relief programs that may be available to you as many lenders are willing to give grace on debts during this time. It is recommended to reduce your spend where possible. However, if your income is not affected and you are simply concerned about the financial future, now would be the best time to incorporate savings into your budget with a sense of urgency. Your emergency budget should completely cut out any and all luxuries and only allow for basic essentials. Adapting to a lifestyle where only essentials are necessary will serve you well when the world bounces back to normal.
Avoid Credit
During this time, many are unable to repay their debts and as a result, cheap credit may seem extremely alluring. However, multiple small loans will have a snowball effect on your finances and you will soon be drowning in debts. Rather than falling into the temptation of sketchy lenders and promising micro-loans, you should rather consider searching for income online. Perhaps you will be able to find freelance opportunities withing your realm of career skills or you may be able to take advantage of small task websites to create an extra small income while you are at home awaiting the blow over of the concerning international crisis.