4 Helpful Articles on Personal Finance for Managing Your Money Through COVID
As COVID continues, no one is sure what will happen next. Between stimulus payments (and those payments ending), risks of a recession, news of a potential vaccine… it can all feel overwhelming, even with a growth mindset. One area that is clearly in need of focus, though, is your wallet. Whether the pandemic has been good or bad to your personal financial life, it’s crucial to stay vigilant – you never know what could be lurking around the corner. One of the best ways to learn is through articles on personal finance, and that’s what this roundup is all about.
We looked through over 50 articles on personal finance, and four stood out as high-quality, comprehensive, and easy to take action on. So if you’re wondering you’ll manage your money through whatever COVID throws at you, keep reading – and check out these articles.
How to read articles on personal finance
To put it simply: don’t trust 100% of what you read. That’s not to say anyone is lying – far from it. What it means is that everyone’s situation is unique. So as you read these articles and consider their takeaways, pay attention to how it might work in your situation. Don’t assume that the good (or the bad) is guaranteed just cause it’s in the article.
As well, check the domains. Of all the articles we searched, only three domains stood out in the four high-quality articles:
- The New York Times
MoneySense is a Canadian personal finance publication, but their advice stretches to all people no matter where you live. The New York Times is one of the most well-known newspapers in the world. And MoneyWise is a personal finance publication trusted by millions of visitors each month.
Article 1: Should you buy a home during COVID?
This article is all about real estate during the pandemic. All of the pandemic turmoil has done one potentially very good thing for real estate investors: dropped interests rates to historic lows. With that in mind, you could potentially afford far more home than you otherwise could or get the same home with lower monthly payments.
In the article, MoneySense digs into how to think about real estate purchases during the pandemic. In particular, looking at:
- Your current lifestyle.
- What you want from a home.
- How stable your income is.
- Realizing houses are a long-term investment.
- Tracking the market to see what’s available.
Article 2: Traveling and spending on vacations
You may not be thinking at all about travel while the pandemic rages, but it’s something to consider planning for well ahead of time. No one knows what the tourism industry will look like post-COVID, but a lot of people want to travel again when it’s safe to do so. While things like travel bubbles may not be sustainable, in general there is a future where people will travel again (hopefully, anyway).
This article looks at a few things you have to consider:
- Insurance – health and emergency coverage.
- Quarantine and identifying how long you might be forced to stay somewhere.
- If airlines are even flying to your destination / if you can safely get out.
- Be aware of travel restrictions that might be temporary or permanent due to COVID.
- Looking at deals – but not getting sucked in until you read the fine print.
Publisher: The New York Times Wirecutter
Article 3: Lessons from the Great Depression
COVID destroyed a lot of the world economy, and some are saying there’s a risk of a new Great Depression. If that comes to pass, a lot of people will have to focus on survival and getting through until better days. Of all the articles on personal finance we’re rounding up, this one is the most historical. It takes a look at key lessons from the Great Depression and offers practical advice for anyone in the modern era who is concerned about their incomes.
In particular, this article recommends:
- Saving as much as possible.
- Learning to make things instead of buying them.
- Avoiding all forms of debt, especially retail debt like credit cards.
- Lowering lifestyle expenses and potentially relocating if you can work remotely.
- Giving back if you can, either with time or money.
Article 4: Creating your COVID financial plan
Whether you’ve lost income or not, everyone needs to be prepared for COVID-related devastation. Why? Because the virus is so unpredictable. It affects everyone regardless of age and socioeconomic status (although at the beginning it looked like it wouldn’t affect younger people, that doesn’t seem to be the case anymore).
In our roundup of articles on personal finance, this is the most comprehensive. It looks at all elements of your financial plan and provides practical advice.
- Savings plans based on whether you lost income or not.
- Areas to cut costs down to the necessities.
- How to prepare an emergency fund based on your lifestyle.
- Looking at all available supports.
- How to avoid debt when you need to purchase things.
Publisher: The New York Times Wirecutter