Here are some small, immediate steps you can take to manage your finances during the coronavirus pandemic
Photo: Getty Images Being cooped up at home has made me both obsessed with planning and very bad at it. I stare at the four walls of my apartment and spend absurd amounts of time thinking about dinner. Is the chicken defrosting? I check the fridge again. I make lists of things to buy with paychecks I’m not sure I’ll get. I look at my in-box. I look at my phone. I look at my bank account. How is it so low?! Oh, right — groceries.
He gave this example: “If I lose my job, then what would happen? I wouldn’t be able to pay my rent. And then what would happen? I’d have to go live with a sibling or another family member or a friend. And that would certainly be a huge blow, and no one wants that, but it wouldn’t be the end of the world. I’d be able to get back on my feet eventually.”
She also recommends taking inventory of what you own, possession-wise. “This is a great opportunity to Marie Kondo your closets, which will make you feel grateful for what you have,” she says. You might even stumble upon a forgotten gold mine. When my husband was cleaning out an old box the other night, he discovered — no joke — a full bottle of hand sanitizer and a box of wet wipes! It was like the coronavirus version of finding a $100 bill in the pocket of old jeans.
What to do instead? “I keep reminding myself that the economy has recovered from every recession and depression in history,” she says. “It may not bounce back quickly, but it does bounce back. And in the meantime, let’s spend less. Let’s not look at our investment portfolios. Let’s not torture ourselves. We’ve been in scary places before, and we’ve made it through.”
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