Smart Money Moves During Difficult Times

The Coronavirus global pandemic is an immense challenge that no one saw coming. With school closings, stay at home orders, social distancing, and the shutting down of many nonessential businesses it has created a great deal of fear and uncertainty in all of us.

This fear and uncertainty has wrecked havoc on the markets, created shortages in needed items like toilet paper, and has made many women confused and aprehensive about what to do next.

If you are a woman and you are looking for a little direction and some ideas, then you should consider these simple smart money moves that you should make during these difficult times.

Smart Move #1 - Check With Your Employer
If you are currently working or perhaps are facing a temporary furlough or layoff you should reach out to your employer to find out what benefits are available to you. Many employers offer great benefits that can help you and your family during this time. These benefits include a variety of time off options, access to online and telemedicine programs, and employee assistance programs that can help.

Smart Move #2 - Look For Ways To Save
If you are uncertain about your financial situation then another smart move is to look for ways to save. Many retailers are offering coupons and online/mobile discounts on everything from food to entertainment. Use these discounts to get your family the things you need to make your home more comfortable.

Published: May 13, 2020

Smart Move #3 - Contact Everyone
Most businesses today understand the challenges faced by there customers and are willing to extend help when and where needed. This help includes everything from waiving late fees, deferring payments, reducing interest, etc. Contact everyone from your insurance company to your mortgage company and see what type of assistance they are offering.

Smart Move #4 - Build Up Savings
Since no one knows exactly what will happen tomorrow, one of the smartest things you can do today is try to build up your emergency savings. Try to save as much as you can even a couple hundred bucks tucked away in your savings account could help you stay afloat should things not get better as quickly as we would all like.

Smart Move #5 - Discover Additional Benefits
One of the best things to come about during these challenging times is that there are now a wide array of financial programs and grants available to individuals to help. These include things like one time grant payments, free meals, tax savings, retirement plan withdrawal options, and much more. Do your homework and check out these options to see what can work for you and your family.

Smart Move #6 - Start Investing
Now this may seem counter intuitive, but the truth that many smart investors are well aware of is that when the market is down that means stock prices are low and that is typically one of the best times to start investing. Afterall, the saying goes "buy low, sell high!" So contact your financial advisor, bank, or credit union to see what investment options may be right for you during this time.

Lastly, stay safe, stay encouraged, and remember we are all in this together!