Avoid making hasty financial decisions during the COVID-19 outbreak

Declared as a pandemic by the World Health Organization, the Corona virus has taken a lot of lives, infected thousands of people, and has brought instability to the economy of various countries. Stock markets worldwide are hitting lows and even closing. Industries are shut down or workers are laid off.

Preparing for the worst

Though we are being urged by the health care workers and the government to take caution and not to panic, it is time to prepare for the worst possible situation. People are stocking up on food and other supplies, and there is a lot of panic buying.

Make online payment transactions

The financial situation might be bleak as there are many that are jobless and it might make them panic. Many people are aware that when they are in need to make a payment transaction for food or medicine to be delivered, the only way to go about doing such things is by going online. In some countries, it is not possible to go out to shop, and it is wiser not to move around to prevent from being infected by COVID-19.

An unstable economy

The worry about the instability of the economy makes us think about our money. The amount that we have in savings, our credit card limits, and our other financial resources should be tapped in case the lockdown in certain areas continues. It is wise to become frugal and prioritize what we need to buy and settling those urgent bills by using online payment services.

Make wise financial decisions

During this calamity, it is best not to panic. People might want to take all their money out of their bank account to keep cash at home. Credit cards might be used to the maximum limit, and credit card payments ignored. When there is a crisis such as this Corona virus pandemic, it is best not to let the emergency make you unwise financial decisions and hasty actions.

Avoid making hasty actions

Removing all the funds from the bank is what many people do when there is a crisis. They might liquidate all that they have, such as bonds, trust funds, and all during this COVID-19 outbreak. The problem is, there are some funds that are impossible to liquidate, such as the money in the stock market. We all have to wait it out until better days, and not disrupt our well-planned investments.

Do not panic buy

There are a lot of people who are panic buying. They are hoarding on things that are even not essential, such as toilet paper. There are those who would buy more food than they can consume for a month, and buy things that are not important at all. There are food items that are necessary, and those that you need for the home. Do not panic buy and hoard, as it might hamper other people who also require to have their stocks. Shelves are emptied out, without consideration of other people’s needs.

Keep safe during the COVID-19 outbreak and don’t panic.