According to CNBC.com, the U.S. economy climaxed in February 2020 and now the United States has entered a recession. These turn of events caused by Covid-19, have ending the longest expansion on record, according to the National Bureau of Economic Research on Monday, June 8, 2020. Google “What is a recession?” if you want to learn more, but let me get right to the point of what YOU SHOULD DO NOW.
So, what should I with my money? How should I handle my finances?
(1) Immediately – do not wait – put a credit freeze (block) on all 3 credit agencies! The hackers out there are using stolen Social Security Numbers of 147,000,000 U.S. folks who were breached during the Equifax Security Breach in 2007. The hackers waited until a pandemic to start making their illegal money and stealing from Unemployment, Social Security, Bank, and other Financial Accounts.
(2) Google “The best online savings rates” and review options for the BEST savings rate for reputable online banks. Consider putting your saving into one of those savings accounts to increase your monthly interest.
(3) Turn off your television cable. Let me repeat: Turn off your television cable. Subscribe to a cheaper service (Hulu, Netflix) or do what I do. I have an an antenna and get 24 channels for free. I use Google and Twitter to find my news. Google and Twitter have amazing, current, and helpful search tools to keep me up-to-date on business news, financial news, world news, and local news.
(4) Create a budget. You don’t need any fancy program. You can use paper, a spreadsheet, a notebook. Write down all of your expenses and keep track of your money coming in and going out. Cut back were you can. You should already be saving money with no cable bill, less take out, less entertainment expenses due to the Coronavirus (Covid-19) Pandemic.
(5) Save where you can. I bet you are already saving on gas, takeout, and vacations, so continue to look at other way to spend less and live more frugally.
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