Here’s How To Prepare Your Mind, Body, and Bank Accounts For the COVID-19 Coronavirus
A pandemic has taken over half the world, and it is all over the media and the internet.
Coronavirus has been making headlines all over the world for months. The virus, officially called the COVID-19, is a recently discovered infectious respiratory disease that originated in Wuhan, China. The virus was reported to the World Health organization just at the end of 2019. Since then, the virus spread fast throughout Wuhan and other parts of China. And since there were frequent flyers and tourists that came in contact with affected patients, the virus traveled around the globe.
Three months later, COVID-19 has already spread in 58 countries, including the US.
Now, watching the news and scrolling through social media, all you can see are the words epidemic, virus, quarantine, outbreak, and panic. It’s natural to feel worried, but you don’t need to panic. What you need to do is to stay calm and inform yourself. Get digging and find out what you need to know about the situation. The best thing you can do right now is to equip yourself—physically, mentally, and financially.
First things first
At the top of the list is to research about COVID-19. Sure, there are hundreds of news and information available on the media and internet, but are they reliable? Do your own background check. Read about the virus, its origin, symptoms, prevention, and cure. The WHO has an extensive FAQ page dedicated to the coronavirus. So sit and take the time to read.
Moreover, getting firsthand information about the virus will help you manage your mindset. Because you know what’s really happening, you know that there’s no reason at all to panic. Gather everyone in your household and set one mindset.
Of course, in the midst of a potential virus outbreak, you need to have a stable supply of the necessities. That’s why you need to stock up. And by stock up, we don’t mean panic buy and hoard. Just buy the things you need and lack.
Check your kitchen, toiletries, and medicine cabinet first before going on a grocery run. Make sure to buy only the essential things you need. There’s no reason to buy 20 boxes of toilet paper or 50 bottles of alcohol for a family of five. Remember, other people are in need too, and supplies might be limited, so only get what you need. Plus, it’s such a waste of money to buy tons of stuff you’re never going to use anyway. Buy the usual things you get for emergencies, such as:
- First aid kit
- Non-perishable food
Check and update your emergency fund
Aside from making sure your house is stocked up, you also have to check if your emergency fund is ready. If you’ve been a good student and listened to your financial advisors, you wouldn’t have any problems with this. But if you haven’t set up an emergency fund yet, it’s not too late. Start setting aside some money, even $500 can go a long way in times of crisis.
Monitor your investments
Now, some people might think, “Why do investments matter in this virus situation?” Well, the coronavirus is unlike previous diseases. As it originated and affected most of China, where thousands of labor force come from, it has played a big role in the ups and downs of the worldwide stock market. So, if you have investments in stocks or other properties, it’s best to check on them as early as now.
However, this doesn’t mean that you need to make rapid and drastic decisions right away. Just watch and study how the market moves. In fact, experts say it’s not advisable to make panicked decisions with a turbulent stock market.
And of course, above all, the most important thing you need to do is to stay healthy. Don’t forget to take care of yourself and your family members. Make sure nobody is showing signs of illness, and if there is, take them directly to the testing center. The WHO and CDC have been actively spreading COVID-19 prevention tips and advice, so it’s best to follow them. Here are some of the basic dos and don’ts:
- Wash your hands properly with soap regularly.
- Avoid touching doors, railings, chairs, tables, etc. in public.
- Lessen physical contact such as handshakes, kissing, and hugging.
- Wear the proper face masks.
- Don’t go to crowded places.
- Cancel travel plans, if possible.
- Have yourself checked and tested ASAP if you think you have the symptoms.