COVID-19 has had a significant impact on our day-to-day lives. It has forced us into a lockdown, whereby we are only able to leave our homes when it is absolutely necessary. The virus has also hit the economy hard. Livelihoods have been devastated and the unemployment rate is at its highest since the Great Depression, with so many individuals filing for unemployment benefits. Social distancing has been put in place, schools have been shut, banks have decreased their interest rates, travel bans have been enforced and stock markets have experienced a huge shift, with global shares taking a massive hit.
With all this in mind, what can individuals do to ensure that their money is safe? And what steps can they take to try and come out of this crisis stronger than before?
Stability is Key
During these uncertain times, stability is crucial. Those who can continue to work as normal – and therefore those who still have a regular income – have a definite advantage. The individuals who are out of work, as well as those we could also face losing their jobs, should put a real focus on cutting back on expenses where possible. If you are looking for ways to manage your money effectively, start to build up an emergency fund as soon as you can so that you have something to fall back on, and look at whether you can defer any loans or mortgages for the meantime.
Investments
If you’d like to invest some money at the moment, ensure that you choose a stable broker, only invest capital that you can stand to lose, and only take calculated risks. What could you be investing in in the current climate?
E-commerce, cloud computing and electronic payment services are all thriving right now, so if you wanted to invest some money into any businesses, look for investment opportunities here. However, be aware of a potential drop after the pandemic is over.
At this point in time, you could also look at getting into the financial markets, and particularly the forex trade. Although undoubtedly there is uncertainty surrounding the global economy right now, it does not mean that there aren’t opportunities to successfully trade. Currencies all across the world are subject to significant changes in value, which makes for a good opportunity to trade these.
