news·6 min read

Your Money and COVID-19

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Apr 26, 2020

The COVID-19 pandemic has had some serious economic impacts, from high unemployment to a volatile stock market. Here’s how that impacts your wallet.

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The Story

The COVID-19 pandemic is putting pressure on people’s finances.

The Background

After COVID-19 was first confirmed in the US in January, the economy has been on shaky ground. The stock market has been on a rollercoaster ride. Businesses across the country have closed their doors as states have rolled out stay-at-home orders. And the unemployment rate jumped to its highest level since 2017. Here’s what all of that means for you.

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The 411 on Unemployment

Within the past few weeks, more than 26 million people have applied for unemployment benefits. Here’s what you need to know about unemployment during the COVID-19 pandemic.

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The ‘R’ Word

The last time we heard the word ‘recession’ thrown around this often was the late 2000s. And experts say we’re currently experiencing one. We Skimm’d everything you need to know about recessions.

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The Tips

Managing your finances can be stressful. Adding in the uncertainty of a pandemic can make things even more frustrating. Here's everything you need to know about saving money during the pandemic – from how to adjust your budget to how to build an emergency fund.

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If you feel like your money’s in a good spot and want to help others, here are some ways you can give back to your local community.

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theSkimm

The pandemic has had a ripple effect on the economy and maybe your money. It’s not clear when things will get back to normal. The best thing you can do is be prepared and take action to keep your finances afloat.

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