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Corona virus: save, spend or invest? What to do with your money now

2020-04-07T07:09:53.345Z

The corona virus is beginning to affect the economy. Could private individuals also have financial consequences? So prepare yourself.



The corona virus is beginning to affect the economy. Could private individuals also have financial consequences? So prepare yourself.

  • The number of people infected with the coronavirus increases every day.
  • The spread of the pathogen has an impact on the economy worldwide.
  • Experts reveal what private individuals can do in the event of an impending recession.

With the spread of the corona virus, the fear of the pathogen also increases. In the meantime, many are not only afraid of infection, but also of several other consequences: is there enough food in the event of a quarantine *? How does an infection or the mere suspicion of infection affect the job? Could a recession , in other words a decline in economic growth , have an impact on you?

The latter question is coming to the fore as more and more companies and industries are affected by the spread of the virus. Here's how you can best prepare yourself for a possible economic crisis:

Can you prepare for an economic crisis?

Several companies have had to quarantine employees, while in some countries the entire tourism industry is suffering. The corona virus has many unpleasant consequences *. Do private individuals therefore have to fear for their financial situation ? In an interview with RND, finance and business experts Ulrich Thielemann and Kerstin Hußmann-Funk reveal that panic is completely inappropriate - after all, you never know how a possible recession will actually affect everyone. Accordingly, according to Hussmann-Funk, it is difficult to prepare specifically for such a crisis.

However, one should not ignore the problem. Instead, the experts advise maintaining normality . This could reduce the risk of a recession : "In many cases, a crisis arises from fears that it will come," explains Thielemann. He therefore advises against panicked hamster purchases or unnecessary sick leave.

Read also : Many are entitled to a relief amount - and do not even know it.

Save or invest? You should do that with your money

If a recession threatens, consumption can stimulate the economy again. However, Hußmann-Funk advises not to spend money unnecessarily . In particular, people who are not financially well positioned should prefer their own situation to the economy.

Learn more : Coronavirus - That is why the state could soon pay out money for shopping.

Is it therefore advisable to simply save the money further in the bank account? With regard to zero and negative interest rates *, most savers have little of it: "When it comes to money that is not needed for necessary reserves, it may make sense to invest it in a broadly diversified equity index fund, for example Having lost the outbreak of the corona virus * a lot, it can be worth investing right now, "advises Hussmann-Funk.

Also interesting : With this trick you can find out how much money makes you happy.

Video: Coronavirus - Is Germany at Risk of Recession?

Find out more : Coronavirus is to blame - Mother lost hundreds of euros: "It was catastrophic".

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When account statements and receipts can go to the shredder

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* merkur.de and tz.de are part of the nationwide Ippen central editorial network.

Source: merkur

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