The world isn’t quite the same anymore, which means your finances must adjust right along with it. The personal finance tips you’d usually follow no longer apply, or at least, need a little tweaking to still make sense.
Here are top personal finance tips that you should ignore since they are longer valid during the COVID-19 outbreak:
“Take advantage of using credit cards to earn perks and rewards”
Using a credit card that comes with perks and rewards as you spend money you’d typically spend is generally a good idea. That is, if you have the ability to pay off the card each and every month.
However, you should be extremely cautious about paying for anything using a credit card during the coronavirus pandemic. You can very quickly end up in over your head if you find yourself without employment thanks to high-interest rates and penalties for late payments.
Instead, make payments using your debit card and available funds if at all possible, and be careful with your spending. In fact, many debit cards now offer many cash-back benefits and other rewards.
“You need to get out there and meet people if you want to land a great job”
In the past, you’ve probably been told that you need to go out and physically meet people in order to have the best chance of landing your next job. That meeting face-to-face is key to having them remember you and to help get your foot in the door.
However, that will only limit your possibilities during the age of the internet, especially during a time people will be less reluctant to physically meet you, and while many companies are continuing to work remotely for their own protection.
Instead, thanks to technology, you have the ability to send out your resume to hundreds of hiring managers all at once. You can even use sophisticated technology to help match your skills and experience with employees who need someone just like you.
“If you get sick your company will help cover you”
If you get sick, you might think workers compensation will be there to help you get by. However, having a worldwide pandemic going on means you’ll need to take a hard look at the facts.
Any worker’s compensation you might get is tied to your employment. That means if you get laid off or leave your job, the coverage will end. Also, you can only get this coverage if you can prove your injury or illness is related to the work you do.
In other words, you shouldn’t rely on any benefits that have the potential to disappear the next day.