I’ll admit that I was making jokes about the panic over COVID-19 just a few weeks ago since it seemed to be blown out of proportion. However, that has since changed now that it’s hitting closer to home. As you may have seen in the news, New York has been hit hard with the virus, especially in the town of New Rochelle, NY. The National Guard has even been deployed to a specific containment area within New Rochelle to help disinfect the area and deliver food/supplies to those being quarantined. This containment area has come about mainly from an infected lawyer living in New Rochelle and working in New York City. For those of you unfamiliar with the geography of New York, New Rochelle is in Westchester County, which is just outside New York City. I live in Westchester County and my husband works in Manhattan, so it’s safe to say this is pretty close to me and my family.
While I am not panicking by any means, I am starting to get a bit concerned. My husband is currently working from home until further notice as there has been a confirmed case of COVID-19 in the building in which he works. Businesses telling employees to work remotely, schools are closing, colleges are sending students home to finish out the semester remotely, events are being canceled and people are being told to limit travel or outings in crowded spaces with poor air circulation (such as malls, stores, etc.). Now, you may be wondering what all this has to do with personal finance, right? Below are just some of the ways COVID-19 is impacting finances.
- Working from home can be both good and bad for your finance. It eliminates commuting costs; however, it also means more household supplies being used, like toilet paper, paper towels, higher heating and electric bills, and so on.
- Another issue with working from home can be staying productive.
- COVID-19 is causing the stock market to go crazy. Do you buy? Do you sell? Do you ignore it and wait it out? People close to retirement are watching what should be their retirement income deplete slowly.
- Some people are hoarding their cash in either savings accounts or at home due to fear.
- Many people are stockpiling supplies either because they are planning to avoid going out, they are afraid they won’t be allowed to leave (such as in the New Rochelle containment area) or they are afraid supplies will sell out and there will be a shortage.
Here are some great articles I have found relating to COVID-19:
1) Keeping Up with the Bulls has a great post on keeping up productivity when working from home. Check it out here: How to Be Successful Working Remotely
2) She Picks Up Pennies’ post about COVID-19’s effect on her school and the generosity of Liz from Chief Mom Officer is an eye opener. Check it out here: Clorox Wipes, Classrooms, and COVID-19: A Lesson in Accepting Help
3) The Wealthy Finn shares his thoughts on how COVID-19 is impacting his investing. Check it out here: How Coronavirus Affects my Investing
4) Tread Lightly Retire Early shares her thoughts on preparing for the COVID-19 pandemic. Check it out here: PrepperFI in the Face of COVID-19
5) Financial Freedom Countdown provides a helpful checklist for protecting yourself from COVID-19, both body and money-wise. Check it out here: Coronavirus (COVID-19) and How to Protect your Health and Wealth with Checklist
Currently, my household is being impacted by lower commuting costs but will receive a higher electric bill and going through household supplies quicker with my husband working from home until further notice. I have made a few stock purchases, but the market has since gone down, so I am currently on a wait and see approach, though honestly, it’s impossible to time the market. And I have not yet panic bought supplies, but thankfully we buy our toilet paper, paper towels and bottled water in bulk from BJ’s warehouse already, so we should be good for a while.
Are you doing anything differently because of COVID-19? What impact has it had on your so far?
