Community//

5 Personal Finance Tips For Uncertain Times

After taking stock of your immediate needs, add some financially minded tasks to your to-do list.

The Thrive Global Community welcomes voices from many spheres on our open platform. We publish pieces as written by outside contributors with a wide range of opinions, which don’t necessarily reflect our own. Community stories are not commissioned by our editorial team and must meet our guidelines prior to being published.

Don’t Constantly Check Accounts

If you’re invested for the long term, avoid looking at your 401(k), 403(b), IRA, or other investment accounts right now. Remember that a loss in portfolio value is not a real loss until you crystalize it by selling off your investments. Do yourself a favor and ignore all the hubbub about what’s happening in the markets on a minute-by-minute basis and focus on that long-term strategy.

Take Stock of Your Situation

Knowledge is power. Understand where you are with your finances by doing a simple exercise to determine your net worth. One option is this simple-to-use net worth calculator.

Build Knowledge and Check Your Credit

Pick up a personal finance book, listen to a personal finance podcast or YouTube channel, and bulk up your knowledge of how to manage your money and save for the future. Some of our favorites include David BachCanna CampbellBola SokunbiMichelle SingletaryFarnoosh TorabiLiz Weston, and Dave Ramsey.

Because credit fraud tends to increase in times of crisis, access a free credit report.

Review Bills and Monthly Commitments

The pandemic has affected everyone. It won’t be a secret that some people are having trouble making ends meet right now. Check for any official communication from your landlord, your utilities, or your credit card companies—email, social media accounts, websites. Maybe they’re pre-emptively offering to put rent payments on pause or lower monthly bills. If not, call them and ask.

Take Time to Recharge

A lot of companies are offering free content: meditationsonline yoga, or workshops for learning new skills. Take some time to do something that matters to you.

Share your comments below. Please read our commenting guidelines before posting. If you have a concern about a comment, report it here.

You might also like...

Courtesy of Nazar Skladanyi/Shutterstock
Wisdom//

Stop Believing These 4 Lies About Managing Your Money

by Elle Kaplan
GaudiLab / Shutterstock
Wisdom//

5 Personal Finance Tips From Billionaires Michael Bloomberg, Warren Buffett, and Ray Dalio

by John Boitnott
Invest In Yourself//

Why You Should Track Your Net Worth, Even If You Aren't Wealthy

by Grow

Sign up for the Thrive Global newsletter

Will be used in accordance with our privacy policy.

Thrive Global
People look for retreats for themselves, in the country, by the coast, or in the hills . . . There is nowhere that a person can find a more peaceful and trouble-free retreat than in his own mind. . . . So constantly give yourself this retreat, and renew yourself.

- MARCUS AURELIUS

We use cookies on our site to give you the best experience possible. By continuing to browse the site, you agree to this use. For more information on how we use cookies, see our Privacy Policy.