The COVID-19 outbreak can be scary, but it does not stop the world from spinning. While it may disrupt your regular routine, you should not let it ruin your finances. If you need to request a new credit card or take out a VA loan in Bowling Green, Oakland, or Smiths Grove, the coronavirus should not stop you from taking key steps toward living the American Dream.
Sadly, the pandemic has been successful so far in compelling people to make silly decisions with their money. Below are the worst financial mistakes you could commit during this period of confusion and uncertainty:
Forgetting About Due Dates
The arrival of the coronavirus did not erase your financial obligations. Your creditors still expect you to pay what you owe no later than expected and will penalize you accordingly for not doing so.
Yes, you may be preoccupied with other matters because of the COVID-19 crisis. But it should not distract you from settling your credit card and loan balances. Being past due can start a ripple effect on your finances. It could inflate your debt quickly and drive down your credit score. In the end, you would be in worse financial condition if you do not keep your financial obligations in order.
Shopping Without Doing Inventory
It is not a sin to buy groceries more than usual in an attempt to stockpile supplies in case the outbreak takes more time to peak and get under control. After all, assuming that things will go back to normal in no time is a myopic view of the pandemic.
However, duplicating your supplies can be a terrible mistake. You should not rush to the supermarket without making a list of the things you already have a home. The last thing you want to is to have an overabundance of some essentials and a scarcity of certain necessities.
Filling Your Pantry With Food You Don’t Like
One of the many reasons you should not do panic buying is that you will likely waste your money on food items you may not consume at all. Irrational individuals tend to add anything in their carts for the sake of stockpiling.
If you did not like the food supplies you bought, you may be tempted to go outside again to purchase something your family would actually enjoy. You will increase your chances of exposure to the coronavirus and might put your loved ones’ in harm’s way in the process.
Ignoring Online Payment and Shopping Platforms
The coronavirus does not have a prejudice against certain demographics. It can infect anyone, so literally any person you might encounter could be a host. Apart from practicing social distancing, staying away from other people is the best preventive measure you could take.
Unfortunately, many of us still go to public places to pay bills and buy groceries. There is no shortage of online payment and shopping solutions these days, so there is little need to risk contracting COVID-19 just to run some errands.
The irrational behavior of many Americans in the face of this adversity is more contagious than the contagion itself. COVID-19 should is no laughing matter, but you should take every financial decision you will make during these trying times more seriously to be part of the solution instead of the problem during these trying times.