Share market going down, fall of the stock market and companies on the verge of bankruptcy is the kind of news we are hearing from all over. Coronavirus aks COVID-19 started from Wuhan city in China and currently, in March 2020 it has spread across the globe. As a result of precautions, many countries have gone into lockdown. This means people can’t go out, can’t travel, public gatherings are not allowed and so on. This, of course, has impacted the local and global economy. Worst hit is businesses.
During tough times, it is hard to that something can be done but making the correct financial decisions is still very important. AS per MoneySmart website, the first thing you need to do is protect yourself from scammers. As you can imagine, there are some bad elements in the society who are taking advantage of this situation. Be wary of offers to assist you to access your superannuation or high-return investment opportunities. Find out how to spot common scams and protect yourself online.
There are many cruises, flights, events and similar are cancelled around various countries. Australian Competition and Consumer Commission provides more info about all the cancellations etc
This guide has info about how coronavirus affects your finances. For the latest on holiday refunds and travel disruption, see this Coronavirus Travel Rights guide.
Manage your bills. There are many organisations around the world like banks are offering waivers or hold on the fees etc. Check on your service providers website if you are eligible for any discounts, holds, waivers etc. If there is a discount going on for Coronavirus and if you are eligible then you don’t want to miss out.
Cut down extra costs example luxury items, shopping of clothes, jewellery or any other luxury items. Most of it is really common sense. This saving can be used if things get worse in coming months.
Don’t worry about buying everything right now
Contrary to how it might look, the world won’t be out of hand sanitizer forever, according to Darrin Duber-Smith, a senior lecturer of marketing at Metropolitan State University of Denver. Or toilet paper, for that matter.
Don’t leave yourself unprepared
For many Americans, it’s still possible to go to the store as needed and shop like normal.
But for at-risk groups, the prospect of staying home for a prolonged period has become more of a reality, which could make routine shopping trips difficult. The Centers for Disease Control and Prevention advises those over age 60 to be prepared with medicine, household items and groceries.
Mortgages are getting cheaper
Exactly what happens as a result of the base rate cut depends on what type of mortgage you have:
- Tracker mortgages: Here you’ll get the full 0.65% base rate cut (from the two base rate cuts combined), worth roughly £40/month per £100,000 of mortgage outstanding. Use our Mortgage Calculator to see exact savings.
- Variable-rate mortgages: Here you should definitely see a cut, usually by the full 0.65%. See our lender-by-lender rate cuts table for amounts and timings.
- Fixed-rate mortgages: If you’re on a fix, as the name suggests, your rate won’t change during the fixed period.