In uncertain times, prepare your financial situation in a few steps

At such an uncertain time, it is important to be as practical and sensible as possible. Try to control what you can, including his financial situation. Here are some important steps to make sure you're financially prepared for anything.

1. Take a good look at your current financial situation and then the budget

The first thing is to take stock of all your finances. What do you have in your checking account? A savings account? What about liquid assets? It will also be worth taking a look at your total credit limit. And if you can continue working from home, do not forget to take into account your monthly salary.

Once you have a good idea of what your finances look like, you can make at least a rough budget. You should budget at the best of times, but it's more important now than ever.

2. If possible, start saving now
If you have a decent-sized tax return this year and don't have any pressing bills to pay, you might want to put most of it in savings. One of the advantages of social distancing is that you could spend less money. Avoiding public places means you're probably not spending money at your typical baby-sitting spots. financial situation.

So try to take this time to save a little. Because even if you're taking steps to keep yourself and your loved ones healthy, you never know if an unexpected medical bill might hit your head. Also, if you unfortunately find yourself laid off due to the pandemic, you will need a decent amount of savings.

3. Try to find opportunities to earn additional income
Even if you have your hands full working from home, there are a few ways to make a little extra money. The reality of the coronavirus pandemic is that things aren't really safe right now, so it's best to prepare for any possibility.

4. Look for the flexibility of monthly bills
If you can't work due to the coronavirus, Levy says it's worth trying to have a bit of margin for your monthly bills. “Many utilities offer reduced payment options. Many banks are waiving fees on credit card bills. And some landlords may even be flexible with the rent. We're all in this together right now, so it's worth asking your billers for a generosity."

Read More: Personal finance tips to face the crisis

5. Stay healthy
You've probably heard this a million times by now, but we can't stress it enough: do what you can to keep yourself and your community safe and healthy. Follow CDC guidelines on how to avoid getting the coronavirus.

Avoiding the coronavirus will not only help your physical health, it may also help your financial situation "Getting the virus, even if you're young and healthy, can bring with it a whole host of new medical costs or make it harder to do any extra work," Levy explains.