As the world continues to learn more about COVID-19, or the coronavirus, it’s clear that the pandemic may impact several aspects of our lives. The spread of COVID-19 has caused turbulence in global and U.S. economic markets and local economies. Concern and uncertainty over what’s to come have resulted in wild market swings, leaving many Britons questioning the state of their finances.
If you’re concerned the spread of COVID-19 could impact your finances, retirement, personal investments or credit, here are five actions you can take that could help keep you financially sound:
1. Reconsider Your Budget
If you think current conditions could impact your income or finances, consider tightening your budget to help make sure you have enough funds to cover your expenses. Making a budget and sticking to it is a sound strategy at any time, but especially when your finances may take an unplanned hit. Putting more of your money into an emergency fund is one budgeting move that could help you weather income uncertainty during this time.
2. Make All Payments on Time
While it may get difficult, try to make at least your minimum debt payments by their due date every month. Credit scores are greatly impacted by late or missed payments.
3. Get Help if You’re in Financial Trouble
If you find yourself unable to pay your bills, contact your creditors before missing a payment to see if they can assist. If you feel you may not be able to keep up with minimum payments and need help managing your existing debt, consider working with a certified credit counselor.
4. Stay on Top of Your Credit
Whether or not you’ve missed any payments, staying on top of your credit reports and scores is always a good idea.
5. Put Your Health and Well-Being First
While the current uncertainty can be unnerving, staying calm and taking actions to protect your health and financial well-being will position you to weather the COVID-19 health crisis as well as possible.