In times like these financial tips could be a life saver!

In times like these financial tips could be a life saver, people need to become “smarter” to protect themselves and their finances.

It’s not going to be easy, as jobs vanish, markets turn and retirement savings are threatened, you need to look past the “now” and stay focused on your long-term goals.

Here are a few do’s and don’ts to keep your finances strong.

Hold off on big purchases. Stop with major purchases right here and right now, because the future is unknown, and this is the time for you to save money in every possible way. The last stimulus round of $1,400 checks could be the last. Save every penny you can. Do not go taking that stimulus check and using it all to pay off all your credit card debt, if that’s all the cash that you have.

If you own a home and haven’t paid it off, consider selling it to rid of a mortgage note. Another option if you are able is consider a owner-builder home that way you would own the home outright and don’t have to worry about a mortgage payment for 30 years! That said, “do not refinance and stretch your years.

If you have any investments in stocks and are asking yourself could stocks keep going down? Of course, if you are panicking over your investments, you might get some help. Hiring an affordable financial adviser of your own. Investing in silver and gold reduce your risk of loss based on its ability to hold its value.

If you can’t pay your bills, or could really use some short-term relief call anyone you owe money to and ask them what help is available? Call your credit card issuers to find out what they can do for you, because some have suspended interest charges. Millions of Businesses have closed their doors permanently due to the plandemic. Business as usual will not return; therefore, you want to learn some new skills during your downtime.

Set up an emergency fund to cover three to six months’ worth of expenses. You need a financial cushion for when things get tough. If you don’t have enough money in your emergency cash fund to cover expenses, use a credit card for essential purchases. But if you do this, do everything possible to pay the minimum due each month. Staying current — paying the minimum is fine during a crisis.

These strategies doesn’t make sense unless you’ve already built up 3 years’ worth of emergency savings. And you shouldn’t be carrying a lot of other debt.