Money Moves to make during the Coronavirus

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Are you wondering what to do with your finances during the Coronavirus outbreak? It’s normal to feel scared about your family’s health and finances. The Coronavirus is nothing like we’ve ever seen before. Businesses and schools are shutting down and residents are told to stay at home. It’s normal to feel anxious and scared about your financial future. But, you can gain control over the financial uncertainty by doing these 11 money moves now. Prepare now and understand that you can take action by deciding how you will deal with your money. Don’t panic! You can weather the storm if you follow these common-sense money moves to make during the Coronavirus.

Money Moves to Make During the Coronavirus

#1 Pause any extra payments to debt and just pay the minimum

If you’re paying extra debt payments, pause and just pay the minimum. There are several methods to paying off debt including the debt snowball or the debt avalanche. But now is not the time to pay extra towards debt. This also applies to those of you who are consumer debt-free and paying extra towards your house payments. Focus on saving and buying the basic necessities instead.

I know it’s hard to stop paying extra when you’re committed to becoming debt-free. But now is the time to pause extra debt payments. Continue paying the minimum payments, and save the rest in your emergency fund. When everything blows over, you can throw whatever you didn’t use towards your debt.

#1 Money Moves during Coronavirus: Pause extra debt payments. Picture with person holding cell phone and small handheld card register.

#2 Focus on the basic necessities

Don’t worry about anything else other than food, shelter, transportation, and basic household items. Luxury or nice to have items should not even enter the picture right now. Resist the endless marketing schemes that will be lurking in your email inbox or your social media feed. Focus on saving as much as you can for the unknown. We don’t know how long this outbreak will last, and how it will affect our finances.

If you find yourself rationalizing unnecessary purchases, unsubscribe to email newsletters and avoid social media as much as possible. Avoid online shopping browsing at all costs. The online options are endless. You most likely will find something you can’t resist at a price you just can’t pass by.

#2 Money Moves during Coronavirus: Focus on basic necessities. Picutre of a house, a plate filled with chicken, avocado, tomatoes, and greens, and a gray car on the highway.

#3 Don’t get caught up in the spending frenzy

Use common sense and only purchase what you need to last for a few weeks. Why tie up your available funds on stockpiled toilet paper that will last for months on end? Make sure to balance your purchases so you have all the food and basic necessities that you can afford.

Don’t use credit cards to stockpile items for months. Don’t let your fear or panic take over. You’ll be stuck with high interest-rate debt in the long run. Buy what you can afford for a few weeks with the money that you have.

#3 Money Moves during Coronavirus: Don't get caught up in the spending frenzy. Picture of grocery cart filled with produce and groceries.

#4 Figure out how much money you have on hand

Figure out how much money you have that you can easily get your hands on. Calculate your available checking, savings, and emergency fund balances. Estimate your incoming paychecks for the next month, and add up all of the money you have. You might have more money than you think. Relax and make a plan for the next month. If you need help starting a budget, click here.

#4 Money Moves during Coronavirus: Figure out how much money you have on hand. Picture of someone holding a calculator with a picture of floating pictures around it (bank, Ipad, cards, and flying dollar bills)

#5 Find extra money and save it

Find any extra money that you can think of. Sure, you can look through old purses, your car, or even under your couch cushions. But, I’m talking about forgotten gift cards, store or credit card rewards, or even cash you may have hidden away just for events like this.

If you have any gift cards or reward points, save them. Most of us prefer to redeem them towards fun stuff, but you may need them later. Save the extra cash sources for food, household items, or gas if you need to use them in a bind.

#5 Money Moves during Coronavirus: Find extra money and save it. Picture of a pink, ceramic piggy bank standing on a floor filled with cash and coins.

#6 Slash expenses

Slash expenses to its barest bones. Don’t buy anything that isn’t absolutely necessary. Cut any memberships or subscriptions that you’re not using. It’s time to get brutally honest with yourself. Do you want to keep paying for a gym membership if you can’t afford to pay rent or buy food? Now is not the time to rationalize any big purchases either. Focus on cutting expenses, not spending more.

#6 Money Moves during Coronavirus: Slash expenses. Picture of bills and receipts and a blue calculator over them with a hand punching in numbers.

#7 Take stock of your pantry and make simple meals

Figure out how much food you have on hand. Write down what you think you may need for a few weeks. Focus on making simple, frugal, and filling meals like pasta dishes, soups, or stews.

Now is not the time to start living out your dreams of becoming a gourmet chef. Just stick to what you know and what your family will eat. Challenge yourself to make easy meals with the least amount of ingredients possible. Why not try making items from scratch? You might already have most of the items on hand.

#7 Money Moves during Coronavirus: Take stock of your pantry & make simple meals. Picture of a grid journal with a drawn in Meal Plan for Breakfast, Lunch and Dinner.

#8 Gain a minimalist mindset

Gain a minimalist mindset, and use the least amount of products possible. Reduce disposable items like napkins, paper towels, and plastic storage bags. Why not try using more cloth rags rather than paper towels? You don’t have to get rid of paper towels completely, but challenge yourself to use less of them.

Consider cutting up old towels or clothes to use as rags. You’ll be surprised at how you’ve become so accustomed to just reaching for a paper towel when you could have easily used a cloth rag instead. You can also use flour sack towels instead of napkins. It may take getting used to rinsing and washing them but think about all the money you’ll be saving.

#8 Money Moves during Coronavirus: Gain a minimalist mindset. Picture of a white rag neatly folded with a beige towel folded neatly folded over it with three wooden clothespins placed in the middle.

#9 Pay your bills timely so you don’t incur late fees

Keep paying your bills on time if you can afford it. You don’t want to be hit with late fees or penalties later. Don’t rationalize that you need to stop paying your bills in order to save. Of course, this only applies if you still have a job and haven’t been affected by the Coronavirus. If you’re out of work, read this article by Dave Ramsey which will walk you through what you should do.

#9 Money Moves during Coronavirus: Pay your bills timely so you don't incur late fees. Picture of someone holding a calculator and a pen over a round table with bills strewn all over the table.

#10 Sell unused or unwanted items

Consider selling any unused or unwanted items online. You’ll have plenty of time to purge and organize your home in the next few weeks. You might find a treasure trove of items that you’re willing to part with. You’ll be surprised at what people will buy.

#10 Money Moves during Coronavirus: Sell unused or unwanted items. Picture if a woman in a white top and a red sweater holding a a tablet.

#11 Use your emergency fund if you need to

Dip into your emergency fund if you need to. If you’ve done all of the following money moves above and still find yourself struggling, dip into your emergency fund. That’s what it’s there for. Don’t use your credit card or rely on loans if you can use your emergency fund instead.

#11 Money Moves during Coronavirus: Use your emergency fund if you need to. Picture of a white piggy bank with the words "Emergency Fund" written in red. Picture of a calculator and a stack of books in the background.

Final Thoughts about Money Moves to Make during the Coronavirus

The Coronavirus pandemic is sending the world into a tailspin. Not only are we scared about our health and loved ones, but we are faced with financial uncertainty as well. Before you panic, understand that you have control over how you handle the situation. Follow these 11 money moves that you should make during the Coronavirus. Gain control over your financial situation. Pause extra debt payments, cut expenses, and focus on the basic necessities. Learn to make simple recipes, adopt a minimalist lifestyle, and sell items if you can. You can face economic uncertainty by doing these 11 proactive money moves. Stay safe, healthy and safeguard your finances at the same time.

If you found this article helpful, please share it on Facebook. Don’t forget to pin this to Pinterest to view later or to share with friends and family. Please share how you are financially dealing with the Coronavirus.

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