{"id":12841,"date":"2020-03-13T10:00:00","date_gmt":"2020-03-13T14:00:00","guid":{"rendered":"https:\/\/www.zolo.ca\/news\/?p=12841"},"modified":"2022-07-30T23:06:22","modified_gmt":"2022-07-31T03:06:22","slug":"financial-help-coronavirus","status":"publish","type":"post","link":"https:\/\/www.zolo.ca\/blog\/financial-help-coronavirus","title":{"rendered":"Special: 10 Steps on How to Financially Prepare for Coronavirus"},"content":{"rendered":"\n

Apart from death and taxes, there is one thing for certain, the unpredictability of Mother Nature (and our response to this unpredictability). <\/span><\/p>\n\n\n\n

While we often think of earthquakes, wildfires or floods, when it comes to the impact of Mother Nature, we should also add in worldwide disruptors. And just like death and taxes, it is possible to financially prepare for unpredictable Mother Nature events, like the current COVID-19 outbreak. <\/span><\/p>\n\n\n\n

And, it\u2019s official: The World Health Organization officially declared the current coronavirus outbreak a global pandemic, as of March 11, 2020.<\/span> <\/span>
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What is a pandemic? According to the World Health Organization, it’s the worldwide spread of a new disease. Read more here<\/a><\/span>.<\/em><\/span><\/p>\n\n\n\n

A day later, Sophie Gr\u00e9goire Trudeau, the Prime Minister\u2019s wife, tested positive for COVID-19. In response, Prime Minister Trudeau went into self-imposed isolation (although in his press announcement he did declare that \u201ctechnology did allow me to work from home\u201d). <\/span><\/p>\n\n\n\n

This isn\u2019t a time to panic \u2014 particularly when it comes to your finances. A little planning, even now, will really pay off in times like these and protect you should future situations arise. But how should<\/em> you financially prepare for Coronavirus?<\/span><\/p>\n\n\n\n

To help you address your financial concerns, here are 10 steps you can take right now to prepare (or to bolster your response) to the Coronavirus pandemic, and other Mother Nature-inspired events. <\/span><\/p>\n\n\n\n

How to Financially Prepare for Coronavirus<\/h2>\n\n\n\n

#1: Emergency Fund<\/b><\/h3>\n\n\n\n

Assuming you don\u2019t have an emergency fund already, you can start by opening a savings account. Every month, contribute $25 to this Emergency Fund Account. Even better, set up automatic payments so that this account is automatically funded over time. <\/span><\/p>\n\n\n\n

Ideally, you should have three to six months\u2019 worth of living expenses saved in this account. If that seems too much, don\u2019t worry, you can start smaller. Set a goal of $500 to $1,000 \u2014 a sum that can help pay for gas or transportation, basic supplies, accommodation (in case you need to leave home), and food. <\/span><\/p>\n\n\n\n

Having an emergency fund that’s easily accessible is smart to prepare for any natural disaster and especially will help you financially prepare for Coronavirus should you need to access these funds.<\/p>\n\n\n\n

Bottom line: Start an Emergency Fund with $500 in a savings account. Grow this fund until you have three to six months\u2019 worth of living expenses saved up. <\/i><\/b><\/span><\/p>\n\n\n\n

#2: Consider Cash Flow<\/b><\/h3>\n\n\n\n

One of the most acute financial strains of an unpredictable event, like coronavirus, is the impact it has on cash flow. <\/span><\/p>\n\n\n\n

This impact can look different to different people. <\/span><\/p>\n\n\n\n