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Not only is Coronavirus changing consumer behavior, but it’s also stirring up a lot of anxiety in the financial markets.
The Dow Jones Industrial Average experienced it’s worst one-day point drop in history on Thursday, February 27, 2020, when it plunged 1191 points.
This was worse than the loss that occurred during the Great Recession (December 2007 – June 2009) when the Dow fell 777.68 points on September 29, 2008, after Congress failed to pass a $700 billion bank bailout plan.
You’re probably wondering what’s the best move to make in this period of uncertainty and financial chaos. Be financially woke!
Here are four things you can do right now to prepare you for what’s ahead.
BUILD YOUR EMERGENCY FUND
If you were cheating on your emergency fund before, this is the perfect time to build a serious relationship and commit. During times of uncertainty, you never know what you will need and when you will need it. Protect yourself by having a comfortable cash cushion on hand that can sustain you through tough economic periods. When you sign up for ibotta using this link, you’ll qualify for a bonus and get cashback for featured items listed in the app. Save those dollars!
LEARN HOW TO INVEST
Now is the perfect time to find out how to make your money work for you! You never know if your job will be here tomorrow so you’re taking a big risk if you’re depending on one source of income to provide your every need. Learning how to invest gives you options and a recurring stream of income that flows into your account while you sleep. Grab your copy of Dividends Are a Queen’s Best Friend to learn how to earn income from your investments and get dividends at a discount!
OPEN A NEW BROKERAGE ACCOUNT
Don’t put all your money into one account. If a malfunction occurs with that brokerage account, your funds will be frozen and you won’t be able to take action. Have a back-up plan. You can open an account like WeBull that will give you two free stocks when you make your first deposit! Learn more about WeBull here and claim your free stocks here.
SAVE MONEY ON FOOD
Everyone’s in the grocery store trying to stock up on food. But why spend all your money on food when you can get free gift cards just from scanning your grocery receipts? When you download the Fetch Rewards app using this link, you’ll receive 2,000 points when you scan your grocery receipts. The more receipts you scan, the more points you earn.
While you’re watching your finances, don’t forget to wash your hands. If you can’t find any hand sanitizer in stores or online, here’s a great recipe you can use to make your own.
Join Wealthy Women Weekly!
Get weekly investing tips and money updates when you join Wealthy Women Weekly. It’s free! You’ll have a chance to start earning “free money” when you subscribe. Join here.
Disclosure: Affiliate links are included in this article.
