University of Mount Olive (UMO) Accounting Professor Ryan Douglas wrote the following article that includes tips and suggestions for managing personal finances during COVID-19 and beyond.
The Coronavirus (COVID-19) pandemic has introduced everyone to many problems not only for their health, but for their finances as well. Businesses are closing, the stock market is down, and we’re short on toilet paper. However, the best strategy for anyone is to not panic. The current status quo will change. If history is any indicator of what the future holds, better times are ahead. Generally speaking, people fall into one of three categories; those who were struggling financially before the pandemic, those who were financially stable before the pandemic, but are struggling now, and those who were financially stable before the pandemic and are continuing to be financially stable. Let’s explore the strategy for each category.
Struggling before pandemic
If you were struggling before…
