Financial experts urge people to save money as coronavirus spreads in US

Posted at 10:42 PM, Feb 29, 2020

CUYAHOGA COUNTY, Ohio — Fears of the coronavirus are growing day by day. The virus continues to impact lives, travel and the stock market. Now, financial experts are warning it could soon impact your livelihood.

“It's getting more serious everyday,” said Accredited Financial Fiduciary, Bryan Bibbo, Accredited Financial Fiduciary. “If we actually have some sort of virus that affects us in Northeast Ohio and we start to quarantine more and more people, well what's going to happen to your income?”

There have been no reports so far of U.S. schools or jobs closing. However, the Center of Disease Control and Prevention (CDC) suggests self-quarantines at home in the case of a possible exposure of the coronavirus. Self-quarantines usually last up to 14 days.

But before that happens, Bibbo says everyone needs to prepare financially.

“Are you going to not have a paycheck coming in? What do your vacation days look like at work? Are you going to have to use some of those vacation days?” Bibbo asked.

His advice is simple—he said you should start saving now.

“You always want somewhere between three to six months worth of living expenses saved up,” Bibbo said.

Bibbo suggests setting up a new bank account and having a portion of your paycheck deposited directly into it. He said saving $25 or $50 per paycheck could help save money quickly. Bibbo also suggests foregoing any unnecessary purchases until the threat of the virus is gone.

Budgeting is the number one thing everyone should do.

“You're not gonna be perfect every month. Some months you're gonna be under, some months you're gonna be over. But once you know what your expenses are and you're paying yourself first, which means savings or putting money away for the future, you're gonna have the keys to the kingdom,” Bibbo said.

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