The coronavirus pandemic has upended life as most of us know it. For the first time in human history, much of the world is adjusting to working from home if they have the option. Most people are used to going into work every day, speaking with co-workers, and feeling stable and secure in their careers.
Right now, however, there’s obviously a ton of uncertainty in what will happen as the economy continues into a new recession. Many industries are suffering financially, and many people are having their hours cut or getting laid off from their jobs. Without a solid plan in place, it’s easy to give in to fear. The good news is that there are steps everyone can take to be financially prepared to survive this global health crisis. Find them out here.
20. Don’t Panic Buy
When this article was written, there are empty shelves and huge lines at grocery stores as people stock up on supplies. The problem with panic buying is that it depletes the resources for everyone else, like the elderly. Many stores have now made limits to how much you can buy of each product to prevent depleting resources. However, that doesn’t stop people from going to multiple stores to get around the rules. Remember that supply chains are still running. Even if it takes a week or two to restock, grocery stores will continue to be open even in the worst-case scenario.
On the financial side of things, stocking up for a huge crisis like this can cost hundreds of dollars. Panic-buying might drain your bank account or credit limit. Many people are getting laid off from their jobs or quitting so they can be home with their kids. Money for resources is more precious than ever. There’s no need to put yourself under financial stress preparing for an apocalypse. Remember that now more than ever, we need to come together as a community to share resources.