How I Am Self Isolating My Finances

I’ve been keeping up to date with the Coronavirus outbreak and the effect it’s having on counties and economies! I never thought it would get this bad and the way it’s going at the moment I don’t think it will let up anytime soon!

While it is surly an attack on the worlds most vulnerable in terms of health it will also be an attack on the worlds most vulnerable in terms of financial stability and those who live paycheck to paycheck.

The money printing is staring to go into effect as different governments try to stop the bleeding and it’s bought us some time I think people should use wisely.

image source - idea.int

Have cash

First you need to do is have cash on hand, you’ll need this to buy essential goods and services you may need! It’s good to have cash on hands Incase banks go bust or theirs a bank run and deposits are frozen because ebere isn’t enough physical cash for everyone to access!

If you have cash on hand you are able to buy you way out of sticky situations and have safety net should their also be a credit freeze and digital cash is paused.

Own gold

If you are able to or don’t want to lose money then precious metals like gold and silver are a great way to store your value without getting nailed by inflation and bank charges!

As with cash on hand you own it and no one can take it away from you! If need be you can always sell it for a mark up and get cash for things you need In the future.

Own Bitcoin

It’s sad to say this but Bitcoin was made for times of crisis! It’s there to be something that’s not tied to traditional markets and provides You with an alternative store of value that you own and no once can take away from you.

Since it’s digital it’s also easy to store and transport as well as turn into cash at a later stage.

Cut expenses and save

It’s now time to trim the fat; buy the essentials and cut down on things you don’t need like the magazine subscription! Reduce as many expenses as you can and make sure money isn’t leaving your account for needless reasons!

Ask yourself if this is a need or want and if it’s a want cut it! It might seem painful now but you’re saving yourself a world of pain in the future.

Sell liabilities

Some of us are going to have to sell goods that are sitting on the balance sheet of the home while they Can and make some money! This could be spare electronics, appliances or even your car!

You have no idea how long these things will hold any sort of value so if you have extras you can do with out its time to turn it into cash.

Generate additional income

Now that you’ve stored your money safely, trimmed the fat and become a lean mean financial machine it’s time to start adding additional income streams! This could be through freelancing and odd jobs you Can find online or through trading online.

Jobs are going to be scarce as more people are stuck at home and filing for unemployment the more income streams you have even if they are small they will do a lot to protect you come the tough times.

Strengthening your balance sheet

All I’ve mentioned above will strengthen your overall balance sheet and the more you do it regularly while there is still then the better chance of you being able to cope with what could happen from the potential economic fall out!

While governments and banks will try to protect as many as they can, they can’t protect all who will struggle and it’s up to those who are healthy to take personal responsibility for their finances and be ready for the long haul!

So have you been preparing?

Have your say

What do you good people of GEMS think? Have you started to prepare financially for the fall out?

So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."

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