Protect Your Finances From the COVID-19 Recession
Protect Your Finances From the COVID-19 Recession by Doing These Things Now
By Doug Whiteman MoneyWise March 17, 2020
Protect Your Finances From the COVID-19 Recession by Doing These Things Now
As restaurants close, airplanes are grounded, sports arenas and theaters go dark, and financial markets implode, economists and President Donald Trump are acknowledging that the economy may be heading into a coronavirus recession.
Some experts are even saying a recession — sparked by the virus and the disease it causes, COVID-19 — is already underway, despite the Federal Reserve's extreme measures to prevent one.
The economy has been healthy and growing since 2009, the longest stretch without a recession in U.S. history. But if the downturn has finally arrived, you need to take immediate action to protect your family finances.
Here's how to be ready for the coming financial storm.
1. Don't assume hiring has halted
Apply for jobs and keep networking, virtually.
True, many employers — including Apple stores, ski resorts, Las Vegas casinos and Walt Disney World — have shut down operations to stop the spread of COVID-19 and have laid off legions of workers.
But other companies are still operating, though typically with their employees working separately from their homes and keeping in touch via instant messaging and video chat. Often, hiring processes are still going on, too, but without the in-person interviewing.
So if you're already out of work or fear that you could find yourself in that position, get out there and pound the virtual pavement. While you're sheltering in place, be looking for and applying for jobs.
Keep up your networking via LinkedIn, and review and update your resume. Make sure it looks professional, and add any additional skills or experience you’ve gained recently.
2. Treat your credit score like gold
Your credit score is your most valuable financial asset. So take good care of it.
If the worst happens and you lose your job in a COVID-19 downturn, you may need to take out a personal loan to make your house payment or cover an unexpected medical bill. If you have bad credit, it'll be much more difficult to get a loan, especially at a favorable interest rate.
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