How Crisis Can Affect Your Financial Future
April 13, 2020 | Emma Frost
It is clear to see that the Coronavirus has affected everything. Whether it’s the way we go about our day, to closing down businesses, and laying people off – there isn’t an industry not feeling the effects of COVID-19. Our finances are really getting the brunt of this virus. With many businesses closing down and people being laid off, the stock market took a great dive. Along with it, many of our 401k’s were also hit hard. Since we aren’t shopping or spending money on things like title loans like usual, the stock market fluctuates – hence the low market. And with sports such as the MLB canceling or postponing their season – that is even more millions of dollars that aren’t coming in.
Many of our products come from various countries like China, so the travel restrictions mean we do not get the products we need. Families are also having to put off their job search because they have to stay home and watch their kids. With so much going on with the arrival of the Coronavirus, it seems like our financial future is left in a very uncertain position. Next to getting title loans in Richmond, Virginia, there are some things you can do to make sure your finances are in good shape. These steps and a title loan can really help you relax and enjoy your time when the summer comes around.
Start An Emergency Fund
If you get sick or have to end up in a hospital, an emergency fund can help you pay for the medical bills. Like with COVID-19, emergencies can cause you to become unemployed. If that does happen, an emergency fund set for three to six months can help you maintain your bills and spending. Even if it is difficult to set aside money, you will appreciate it in the long run when you have the money you need. It isn’t hard to set one up either. Just make a note of how much your expenses usually are and whatever money you have leftover is what you would set aside.
Use Your Insurance While You Have It
If you are able to keep your job during COVID-19, you should think about using your medical insurance. We all need medical insurance. Just about every medical procedure is expensive. And if you have to go to the emergency room, those prices are even worse. Now is the time to get your health checks complete. The best part is, most employers have insurance plans that’ll cover you, your spouse, and your kids. With viruses like COVID-19, being able to get the medication you need with the help of insurance could be what saves your life. So, don’t tempt fate, and make sure you use your health insurance.
Do Not Reach For Your Investments
While the stock market fluctuating like it is can be stressful, that doesn’t mean you should sell your stocks. The market relies on our spending. Stopping traveling, working, or spending money will cause the stock market to dip. However, this also means that it will go back up once everything settles down. Also, with the stock market being low, many stocks are very affordable; so if you are long from retirement, you may benefit from buying some stocks now while they are dirt cheap. They say even increasing your contribution to your retirement fund could benefit you if you are a long from your goal retirement age.
Set Up Your Retirement
Just like you should think about buying more stocks, you must also think about setting up a retirement fund. While it seems silly to think about retirement when so much is going on, you will thank yourself when you finally get there. Retirement is supposed to be your time to relax and do whatever it is you wanted to do in your future. When you don’t have the money set up, you will have to rely on income from Social Security. If you do set up your retirement, you should think about being competitive when it comes to investing. Once the stock market starts going up, it’ll be harder for you to get your retirement started. If you need help, think about talking to a financial advisor for some advice on where you should start.
Get A Title Loan In Richmond, Virginia
While these steps can be very effective, there are still those emergencies that require more money. When you need that bit of extra help, a title loan in Richmond, Virginia can be the answer. The process is simple. You start by filling out the online form and then we will give you a call and tell you what else needs to be done. There is just no way of telling how COVID-19 will leave our finances. We could easily repair ourselves but that isn’t a given. Give yourself some added comfort for when we finally see how COVID-19 will leave our financial future.