When this whole coronavirus (COVID-19) stuff started going around I was like a lot of the nation thinking it would pass in a couple days and that the whole thing was being blown out of proportion.
I was also silently laughing at everyone stalking up on toilet paper and water bottles all of a sudden (something we regularly have to keep a stock of because I ALWAYS forget to buy toilet paper until it’s too late).
Then the major happened. States of Emergency were being declared, quarantines were starting and here in little old Utah, all schools are cancelled for the next 2 weeks.
That’s when I knew this was about to get real, real fast. And we needed to get our finances in check real quick for what’s to come.
Here’s our 5 step process for preparing for any emergency, natural disaster or virus (yes, currently the coronavirus (COVID-19).)
Grab the FREE Disasters, Disease and Emergency Guide below to fill out and follow along as you go through this post.
Step 1 – Evaluate your situation
First, you’ll want to take a step back before panicking (a lot easier said than done!) and evaluate the type of emergency that’s going on and how it’s going to effect you and your family.
Evaluate your health
For instance, the coronavirus is exactly what it says it is, a virus. This is a matter of health. What kind of condition are you and your family members in if you were to get sick. Are there any members of your immediate (or extended family) living with you that have autoimmune disorders or other cases that may be detrimental if they were to get sick?
Specifically with COVID-19 we are looking at the elderly who are suffering the most.
(You can follow along using the same template below by getting the free guide above.)
Evaluate the environment around you
Now that you’ve evaluated the state of health of you and your family members living with you, you need to evaluate the environment around you. What stores are open? How far is a store from you? What kind of food storage (and I guess toilet paper supply!) do you have currently?
A very important thing to remember here is to use your resources and instead of going out to buy every canned and frozen item right now, see what you have in your pantry currently.
What can be used for the next week while you’re trying to figure things out that’s in your pantry? Also try out some shelf-cooking, which I was introduced to by the amazing Jordan Page.
Evaluate employment
At times like this when being quarantined there are many business that are shutting down for safety. And while that’s great and dandy for your health, that’s not really great and dandy for your bank account.
Are you in a position that you can work from home? If not, is there a way to get more hours right now if your business is not shutting down yet but has the potential yet.
Currently I work at a dental office and although the county that we are in has no active cases of COVID-19 we were asked to close down the office for 3 weeks and see emergencies only.
Because of this I’m doing what I can to make extra money elsewhere, one of my favorite ways is doing transcription work on Rev.
Evaluate your finances
If you have an emergency fund already set in place than this is what you’ve prepared for! This is a real emergency to use that money (if you have depleted your checking account already and NEED to use it for groceries or supplies to help your family.)
This is why an emergency fund is so important. No one could have told us this was coming, the only way we can prepare financially is by having an emergency fund.
Evaluate the situation that your bank account and finances are in.
Specifically asking:
How much do I have in my emergency fund?
How much do I have in other savings that I can pull from?
How much do I have in my checking account currently?
How much are my expenses each month, what is the minimum that I need to live on?
Step 2 – Take action WITHOUT panicking
Now that you’ve evaluated your situation you may be panicking a little bit. Or you’ve been watching the news a little too much and it’s got you all freaked out!
This is such a critical time for your household to be thinking clearly and not sending you or anyone else around you in full-blown panic mode. Take a few deep breaths, get a pen and paper and start making a plan.
In the free Disaster, Disease and Emergency Guide you can start forming a systematic plan for your family to come out ahead and beat the COVID-19 virus!
(You can also write all of this out in a notebook if you don’t have access to a printer.)
After evaluating your health, environment and employment, you’re going to focus on your money situation because unfortunately you still need to buy things even in emergencies.
You’re going to write down:
Minimum amount you need for expenses each month.
(This includes any bills, groceries, fuel .. anything you’ll need to purchase throughout the month that is NOT a necessity .. you probably shouldn’t be ordering a new Instant Pot on Amazon right now and hold out until the water clears.)
Next, you’ll write the exact amount you have in your emergency fund, other savings you may have and any income that will be coming in.
The second portion is going to be supplies you may need. In this case, it’s supposedly toilet paper.
You’re going to have 3 separate categories here. One for home, food and health supplies.
The first category of supplies will be for home. What is everything you would need to survive one month at home? This is stuff like toilet paper, paper towels, cleaning supplies .. etc.
There is a preset list on the sheet, however you can also add your own additional supplies. Now you’ll have to take a little stroll around your home and figure out how much you have of everything.
How many rolls of toilet paper do you have, how much laundry detergent is left? Write the number or approximate amount to the side. You’ll want to put another line next to it and write the amount you would need to purchase of that item for one month.
We’re not trying to go crazy here, we’re just trying to get a one month’s supply.
Second category of supplies is health. This is any medication you may be taking, vitamins, pre-natals, inhalers … etc.
Anything that might be detrimental to you or a family member’s health this is where it will go. Again, you’ll do same thing and track how much you have and how much you need to get for a one month’s supply.
Third category of supplies is going to be food. This is where it can get very costly and you want to be super careful of not getting too much of certain things that it ends up going bad and you waste it. (I do this all the time with lettuce, why I can’t just make a salad and eat the lettuce I’ll never know!)
You’ll first want to account for things that you may have in the pantry, fridge or freezer that need to be used up asap. Also account for pasta, cans, frozen meat .. etc that you can use and figure out how many meals you can make based on what you have.
Try to extend your meals by doing leftovers and check out shelf-cooking to actually use what’s in your pantry.
After going through and approximately figuring out how many meals you can make, write down all the possible meals your family will eat that is on the cheaper side. (We’re not doing anything fancy at this time.)
If you already have the Financial Success Planner then you’ll have a dinner ideas sheet that you can refer back to for meal ideas.
Now go through the staples of what you’ll need. Try to think outside the box and go for things that others may not be going for when it comes to food (easier said that done..)
Step 3 – Go over payments, bills and your options
With people being quarantined during the Coronavirus there’s been plenty of businesses that have been shutting down. If your an employee or even a business owner you probably feel a little uncertain paying your bills right now.
What you need to do next is track all of your bills, recurring payments or fixed expenses that you have during the month. These are going to be things like mortgage/rent, utilities, debt payments etc..
Once you have all your payments totaled you’ll want to start calling each bank or business to see if they have any type of grace or waiting period during this time of emergency IF NEEDED.
With COVID-19 there are many banks who are waiving mortgage payments for the next month or 2 (remember that you WILL have to make them up, it may just add an extra 2 months to the term of your loan).
Step 4 – Execute without panicking
Now you can use what you have in your checking out and venture out to get supplies. Don’t be discouraged if there are many items that are out and you aren’t able to get. Luckily our stores are very resilient at restocking and going a week without snagging an extra carton of eggs won’t be the end of the world.
Also try looking for things on Amazon, use grocery pickup and try stores that might not be your first pick such as Staples for home supplies.
Step 5 – Reach out to those around you
This last step can be just as important as getting your supplies. Reaching out to those around you. First of all, to let them know that you’re okay. And second to see how they’re doing.
Unfortunately, in many diseases, disasters and emergencies the elderly are typically the ones most affected. Don’t forget to offer help by picking up groceries for them, sharing extra supplies you may have and offering support for those who are having a difficult time coping.
It’s amazing to see the community that can come together when we are all sharing a similar trial in our lives. We tend to forget that others are going through trials and emergencies that are much different than our own.
The coronavirus has given us such a unique experience to come together and support our community and nation.
If you’d like to get the free download for the Disaster, Disease and Emergency Guide you can snag that here.
Mary says
Thank you for all of the useful information to stay calm and do what you can during these times of uncertainty. For me, having an emergency fund has been a huge lifesaver right now. I don’t know what my family would do without that to fall back on.
McKenzy Potter says
Thank you for reading! An emergency fund is extremely important and could be life-changing when faced with any of life’s challenges. I’m so glad you guys had one in place. I hope your family is doing well during this time. 🙂