The COVID-19 crisis has not only caused a major health crisis across the world. It has and will further produce lots of financial havoc notably in personal finances, as jobs are lost and a substantial recession hits the overall economy. So how to manage your personal finances – alongside all additional challenges, such as homeschooling your kids? I recently came across an Afford Anything Podcast with Dan Ariely which contains a number of great tips.
The COVID-19 pandemic and the societal and economic implications have overwhelmed us literally in every part of the world. After securing the health and safety of our families, we will need to look at the financial consequences we will have to manage. Losing jobs or reduced business will probably be the most dramatic impact on individuals and their financial situation. But also significant losses in the capital markets as well as ongoing volatility will impact those with investments. This article therefore gives practical tips on how to manage your personal finances and thus effectively navigate the COVID-19 storm.