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Retiring During a Pandemic Is Possible

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Retiring During a Pandemic is Possible

The pandemic changed many people’s plans, including retirees. About a third of people who were planning to leave the workforce decided to hold onto their jobs in light of COVID-19. 

Considering that the stock market crashed as a result of the coronavirus, delaying retirement in 2020 was a smart choice. But now that the economy is reopening and the stock market is recovering, it may be safer to retire.

 

Now May Be a Better Time to Retire Than You Think

Although the pandemic isn’t over yet and the future still feels uncertain, things are looking up. 

Vaccines are being rolled out throughout the country and COVID cases are declining rapidly in some areas. The economy also appears to be on the rebound with an unemployment rate of just 6.3%. 

All things considered, now may not be the worst time to pull the trigger and leave the workforce. Here are a few more reasons why you should feel optimistic about your retirement prospects. 

The Stock Market Is Rallying

The pandemic caused millions of Americans to lose their jobs. When COVID struck, the nation was entering the worst recession since 2008. However, the stock market seems to have bounced back. and plunged the economy into the worst recession since 2008. However, the stock market seems to have bounced back. 

The S&P 500 grew about 16.3% in 2020. Additionally, S&P 500 companies recently posted strong first quarter earnings reports, which bodes well for the economy. 

Although the stock market is still volatile, experts seem optimistic. Many are calling this turnaround the fastest bear market recovery in history and expect things to continue improving. So it may not be the worst time to start drawing down your investments. 

Home Prices Are Surging

Home prices have surged during the pandemic due to low interest rates, high demand, and a lack of inventory. The median home value rose by 14.9% in the fourth quarter of 2020. CNBC estimates that the average homeowner gained a whopping $26,300 in equity last year. 

This hot real estate market is good news for homeowners who are nearing retirement age. If you sell your house and downsize, you could walk away with a sizable profit. This may enable you to pad your investment accounts and grow your nest egg, putting retirement more within reach. 

Americans Are Spending Less

Another factor that may make it easier to retire is that you’re probably spending less. Nearly 40% of Americans reported that their spending decreased during the pandemic. Because dining out, shopping, and travel were all restricted, many people found it easier to reign in their budgets and save more money. 

If you’ve learned to live on less during quarantine, you may not need as big of a nest egg to retire. This could make it possible for you to leave the workforce sooner than you thought. 

How To Know if You’re Ready To Retire

Pandemic aside, there are lots of factors you’ll need to consider before you decide to exit the workforce. Here are some questions to ask yourself to determine whether or not you’re ready to retire. 

Evaluate Your Assets and Sources of Income

Retirement is only possible if you have enough assets and income to fund your desired lifestyle. So first, you’ll need to calculate your monthly cash flow and see if it will cover your bills and leave you with some cushion for unexpected expenses. 

Add up all of the sources of income you’ll have in retirement, like social security, pensions, side jobs, and rental income. If you plan on waiting a few years to collect social security to increase your payout, you’ll need to make sure you have enough money saved to cover that gap in income. 

You’ll also need to figure out how much money you can safely withdraw from your retirement accounts. Many retirees use the 4% rule, which means you’ll withdraw 4% of your investments in the first year of retirement and adjust that amount for inflation every year thereafter. 

Decide if You Have Enough Money To Live On

Once you know how much money you’ll have coming in every month, you’ll have to decide if it’s enough to live on. Financial experts say that you’ll need about 70% to 90% of your pre-retirement income to live comfortably in your golden years. 

But if you have debt or other financial obligations like adult children who depend on you, that may not be enough. You might also need a larger nest egg if you have big dreams for your retirement like traveling extensively or opening a business. 

If you don’t qualify for Medicare yet, don’t forget to factor in the cost of health insurance. Marketplace plans can be expensive, so make sure you have a plan to pay for it. 

Many seniors will also need to move to a nursing home at some point during their retirement. Most financial planners recommend that you purchase long-term care insurance before age 65 to help cover the cost so you don’t drain your nest egg. 

But if you’ve looked into it and decided insurance isn’t right for you, make sure you have some other way to cover unforeseen medical expenses like long-term care. 

Planning for retirement can be difficult even when there isn’t a global pandemic. If you’re uncertain whether or not you’re financially ready to leave your job, it’s a good idea to speak to a financial planner. They can help you navigate the extra challenges that retiring during a pandemic brings. 

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Why You Should Be Saving For The Next Pandemic Now

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Saving For The Next Pandemic

It’s hard to think about saving for the next pandemic when we are still in the thick of this one. And yet, experts say that there’s no time like the present to start preparing for the future. If you’re struggling with finances right now, then saving might feel like a challenge. But any little bit that you can set aside could help you down the line.

We Are Still In a Pandemic

Even though this article is about saving for the next pandemic, it’s important to acknowledge that we are still in the midst of the COVID-19 pandemic. People are struggling. Many people are barely making ends meet. And even those who are doing okay are uncertain about the future since it’s unclear what will happen with both employment and the economy in the months and year or so to come.

Yes, it’s hard to think about saving for the next pandemic in the midst of this. But it’s also the perfect time. For one thing, the reality of the pandemic is on your mind right now. Let’s face it; when things improve, we will all be so excited about the opportunity to travel and host guests and go out to activities that we might let ourselves slip a little with spending. Right now, when we really understand the impact of this pandemic, our minds are primed to begin saving for the next one.

Plus, we’re already tightening our money belts. Since we’re in the swing of things with saving money, it’s natural to set aside some for the future.

When Will There Be Another Pandemic?

We can’t predict when there will be another pandemic. We don’t know what it will look like when it happens. But experts say that the likelihood of another one is extremely high.

The World Health Organization and United Nations General Assembly say:

“COVID-19 will not be the world’s last health emergency and there is an urgent need for sustainable health emergency preparedness to deal with the next one.”

And Harvard Business Review goes so far as to say:

“SARS in 2003, H1N1 in 2009, MERS in 2012, and now Covid-19. We don’t know when or where, but we know with 100% certainty that another deadly infection will strike.”

Why You Should Be Saving For The Next Pandemic Now

So, number one, you should start saving now because there’s an extremely high likelihood that there will be another pandemic. Second, you’re already in the mindset to really understand the difficulty of living in the pandemic. Therefore, you’re in a good position to make the changes and sacrifices necessary to save.

After all, despite all of the financial struggles of 2020, nearly one quarter of Americans managed to save money during the coronavirus pandemic. And nearly half of people are spending less than at the same time last year. The “new normal” is to save money. For one thing, you’re probably not traveling. Of course, cutting out travel saves a lot of money.

Moreover, experts recommend using your COVID-19 experience to review your savings plan. Many people kept the traditional 3-6 months of income in their emergency fund. However, in the face of the pandemic, that ran out. Therefore, you might want to consider saving 6+ months in your emergency fund for the next time.

Finally, you might be able to negotiate your bills at this time. COVID-19 impacted so many people that lenders and service providers have put plans in place to help reduce costs for their customers. If you can take advantage of those plans, then it could be a silver lining for saving money.

Tips on Saving For The Next Pandemic

Obviously, saving for the next pandemic isn’t easy. Heck, it’s hard to save money in the healthiest of times! However, it is possible to set aside money.

Check out our article on How to Maximize Savings During a Pandemic. Tips from that article include: stringent budgeting, getting very clear about needs and wants during a pandemic, and skipping dining out in favor of all meals at home. In other words, go back to the basics that you already know about living frugally. When we earn more, we sometimes splurge more, but you probably already know how to cut back. Now is the time to implement those good money habits.

Similarly, North American Savings Bank recommends five key tips to save for the next time this happens:

  1. Create an emergency fund.
  2. Avoid major expenses.
  3. Reduce your outstanding debt.
  4. Manage your expenses.
  5. But, keep your home office.

In fact, that last one is perhaps the only bit of advice that differs now from traditional plans to save a lot of money. Many people over the years have scaled down their housing to reduce costs. Tiny homes and other small spaces help people save on rents and mortgages. However, now that many people are home all of the time – working at home, homeschooling their kids – more space might be worth that extra cost. It’s important to find a way to balance your household expenses with the space that you need. And remember, real estate is an investment. You might want to read: Which Real Estate Investments Are Safe During the COVID-19 Pandemic?

Other than that, though, it’s really all about going back to the basics.  Lower your costs as much as you can. Set aside as much as possible in savings. Also, check out our article on 10 Unusual Ways to Make Money During a Pandemic. It might feel like it’s impossible to make extra money right now. However, that’s not true at all. You do have options. And of course, the more you can make, the more you can save.

Finally, review your investments. You can still make money investing during COVID-19. Here are some articles that might help:

Governments, the Economy, and the Next Pandemic

While this article is primarily about individuals saving for the next pandemic, it’s important to note that much should also be done at the state, regional, national, and international levels. Governments and private organizations can do a lot towards improving the situation for next time in terms of reducing both the health impact and the financial troubles. Spending money to prevent the next pandemic would not only save lives but would also save economic costs down the line.

For example, scientists suggest “preserving forests, clamping down on the illegal wildlife trade, and starting a broad system of surveillance to catch emerging diseases before they spread.” All of this can lead to preventing the next pandemic or seriously limiting its spread and impact. This makes sense on a financial level as well. The scientists estimate that these measures would cost between $22 and $31 billion per year. Obviously, that’s a lot of money. However, it’s a fraction of the estimated cost of the COVID-19 pandemic, which is $27 trillion in 2020. In other words, “The cost of preventing the next pandemic is 2% of the cost we’re paying for COVID-19.”

The Harvard Business Review says that the United States government should consider affordable health care options for all citizens as a means to prevent individual and collective financial troubles during the next pandemic.

Are you saving for the next pandemic now? Share your thoughts in the comments!

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Should You Go on a Vacation During a Pandemic?

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Vacation During a Pandemic

Many people postponed or canceled their vacations when COVID-19 first hit. But now that it’s been here for months and shows no signs of slowing anytime soon, people are starting to want to resume their travel plans. With the holidays coming up even more people are likely to wonder if they should go on vacation during a pandemic. Here are something things to consider as you make that decision for yourself.

Pandemic Travel Pros and Cons Are Personal

Ultimately, the decision about whether or not to go on a vacation during a pandemic is a highly personal one. After all, even if other people would feel safe doing so, you’re not going to enjoy your vacation if traveling during this time feels very stressful for you. On the other hand, you might regret not attending a very special event despite the risks of COVID. You have to decide if the potential gains are worth the potential losses.

Benefits of Taking a Vacation During a Pandemic

Here are some of the reasons that people say that they have or would take a vacation during the COVID-19 pandemic:

  • Travel is cheaper. Whether you fly or rent a car, the rates may be cheaper right now since fewer people are traveling. Likewise, housing may be cheaper.
  • You really need to get away from home. If you’ve been sheltering-in-place / working from home then you might just really feel like you have to get out of the house. Balancing the health risks of taking a vacation during a pandemic with the mental health challenges of staying stuck at home might find you erring on the side of getting out and about.
  • You might not need to take vacation time. If you’re working remotely, perhaps you can work during your trip. If you usually have to work in an office, this can be a different experience for you and might be one that you enjoy.
  • You want to attend a big event, such as someone’s wedding or family reunion. Remember that big crowds do put you at greater risk of contracting COVID-19. That said, if you don’t want to miss a big event, then you might find it worth it to travel.

Drawbacks of Taking a Vacation During a Pandemic

  • Travel is less convenient. Although cheaper, you may find that it’s not as convenient as usual to take a vacation during a pandemic. Fewer hotels are open. Flights are (theoretically anyway) not booked to full capacity. So, getting the logistics taken care of might be harder than you’re used to.
  • The things you want to do might not be open. Museums, stores, restaurants, and other places that you might want to visit could be closed. Even if they are open, they might be operating a smaller capacity, so you may have trouble getting in. If you’re the type of person that likes to see all of the hot spots when you travel then it might not make sense to vacation during a pandemic.
  • Your exposure to COVID-19 is greater than if you stayed home. Learn more from the CDC about taking a vacation during a pandemic.

Things to Consider for Pandemic Vacation

If you weigh the pros and cons and decide that you do want to take a vacation during a pandemic, then make sure that you consider the following things:

Destinations for Pandemic Vacation

Where do you want to travel? Have you checked to make sure that you’re even allowed to travel there. Americans currently aren’t welcome in many destinations due to COVID-19 restrictions.

Moreover, have you checked to see how your desired destination is handling the pandemic? Even within the United States, COVID-19 rates and restrictions vary drastically. For example, San Francisco (which is one of the big cities with the lowest COVID-19 rates) has not yet reopened indoor dining.

Check the latest mask mandates and other requirements / precautions in your destination before you plan the trip. Also, make sure you know the most recent information for your destination’s quarantine regulations. Some areas, both within and outside of the United States, require a quarantine period from visitors upon arrival to the new area.

Means of Travel During a Pandemic

How are you going to get to your destination? Many people say that they wouldn’t want to travel by airplane during the pandemic. However, they may be comfortable doing a road trip their family. That said, a lot of people are going that route so many RV parks and campgrounds are booked full.

Cruise boats, trains, and buses are all travel options that have various restrictions during COVID-19. Consider the risks, weigh the benefits, and make sure that you know what the restrictions are for your chosen modes of travel.

Accommodations for Vacation During a Pandemic

First, check what accommodations options are available in your destination area. Are hotels open there? Are AirBnb rooms available or are they limited to rental only to essential workers?

Next, consider the risks of each option. Don’t hesitate to contact a hotel or AirBnB host to find out what precautions they are taking to reduce pandemic risks. For example, I took a weekend road trip to a hotel in a small town and some of their precautions included limited capacity, masks required in common areas, and no room cleaning during your stay but extra cleaning before and after.

Remember to review the amenities that will be closed before you book accommodations. For example, if you love to travel to hotels with spa service, you might be disappointed to learn that a hotel is open but its spa is closed during the pandemic. Likewise, a wine happy hour in the lobby of a boutique hotel may or may not be open.

Finally, you might consider alternatives to traditional accommodations. If you have a camper van or RV, perhaps camping makes the most sense. That said, people assuming that National Parks will be mostly empty could find that they’re booked full. Or, because it’s also fire/hurricane season, that they’re closed all together in certain areas. Plan ahead.

Additional Pandemic Considerations

Here are some of the other things that you’ll want to consider as you plan a vacation during a pandemic:

  • What are your plans for meals? Do you feel safe getting restaurant take-out food? Should you bring a camping stove and prepare your own meals?
  • Are all of your usual vaccines, including your annual flu shot, up to date?
  • Do you have any specific medical conditions that put you at greater risk than average for COVID-19? If so, what precautions do you need to take to best protect yourself during the trip?
  • Will you quarantine upon return home? What does that look like? Do you need to build that time into your vacation plan?

Weigh the pros and cons. Research so that you can plan ahead and take precautions. Then, if you decide to go, enjoy your vacation!

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ETFs Can Help You Recession-Proof Your Retirement Savings – Here’s How

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Recession-proof your retirement

Amid the COVID-19 pandemic and what seems like a million other things, we are entering the beginning of what is likely to be an ugly recession. Thankfully, there are a few things you can do to safeguard your finances in the event of another economic collapse. Here is a look at how to recession-proof your retirement savings.

Yes, A Recession is Coming

Personal finance expert Suze Orman has warned that the financial situation in America is about to get significantly worse. Although the coronavirus pandemic is still a large issue in the United States, many of the relief programs put in place to help individuals impacted are coming to an end. The expiring programs include:

  • Eviction and foreclosure protection
  • $600 unemployment checks
  • Student loan forbearance

These things together add up to be more harmful than The Great Recession of 2008. “We have a perfect storm coming right now,” said Orman. “You have all these things happening at once.”

Orman’s biggest piece of advice at this point in time is to stack away as much cash as you can into an emergency fund. However, many Americans are left wondering about what they should do when it comes to investing in and protecting their retirement savings.

How Index ETFs Recession-Proof Your Retirement

Three words: Exchanged Traded Funds (ETFs for short).

ETFs are one of the best ways to help you recession-proof your retirement portfolio. Index ETFs specifically allow you to track indexes like Dow Jones or the S&P. While you cannot invest in an index directly, you can invest in an index ETF. This means you are investing in all the companies within the Dow Jones (or your chosen index).

You can also invest in ETFs that focus solely on one type of business. For instance, there are tech ETFs that allow you to invest in a variety of tech companies at once. There are ETFs for beauty, pet-care brand, energy, retail, you name it!

Because ETFs are typically a good gauge of the market as a whole, your investments will follow the market trends. You may be thinking, “Well, if we are about to go into a recession, why would I want that?”

Well, the truth is, the stock market will likely bounce back and, with it, so will your retirement savings. Even if your ETF investments take a hit at first, they will also grow exponentially when the market starts to climb again. And, unlike investing in specific companies, it isn’t likely it will ever completely tank and you won’t lose everything.

Top-Performing ETFs Last Week

ETFs are good investments for most people because, as mentioned above, they typically bounce back with the market. They also provide diversification in your investment portfolio without any additional effort. This year, due to the pandemic, the types of ETFs that are performing well have been altered slightly.

Tech stocks and ETFs have been the standout star performers on the market in 2020. This is because many people are practicing social distancing and staying at home, which means more online shopping and technology use. Other ETFs that seem to be performing well are…

  • Biotech ETFs (specifically those looking in COVID treatments and testing)
  • Cannabis ETFs
  • Energy ETFs
  • Healthcare ETFs

If you are interested in learning more about ETFs and how index ETFs can help recession-proof your retirement, consider signing up for The Motley Fool Stock Advisor. 

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A Tidal Wave of COVID-19 Bankruptcies Are Coming

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COVID-19 bankruptcies

There have been more than 120 companies that declared bankruptcy in 2020 and blame COVID-19 for their downfall. Although many of these businesses were in financial trouble prior to the pandemic, the loss in revenue made those issues more evident. With many other companies holding billions of dollars in debt, it is likely we will see even more COVID-19 bankruptcies before the end of the year.

Which Companies Are Filing?


Some pretty big names are already among those filing for bankruptcy and closing doors. Here are some of the most recognizable names on the list.

  • 24 Hour Fitness
  • Brooks Brothers
  • Chesapeake Energy
  • Frontier Communications
  • GNC
  • Gold’s Gym
  • Hertz
  • J Crew
  • J.C. Penny
  • Latam Airlines
  • Neiman Marcus
  • New York & Co.
  • Sur La Table
  • True Religion Apparel

More than 100 other businesses have filed or announced they will be filing for bankruptcy due to COVID-19. This includes American Addiction Centers, a Tennesse-based addiction recovery organization, who started suffering financially when patients simply weren’t coming in after the pandemic. Even the Catholic Church for the Archdiocese of New Orleans filed for bankruptcy due to a lack of collections as many mass gatherings have been canceled.

How COVID-19 Bankruptcies Will Impact The Economy

Over 6,800 businesses filed for bankruptcy in the U.S. last year. This year will undoubtedly have many more. Companies that have filed, or plan to file, are huge players in the American economy. Some, like Hertz, even have billions in assets to sell-off. Others simply saw no way to continue in the COVID-19 social distancing era.

“We’ve survived through wars, recessions, terrorist attacks, political upheaval, hurricanes, tornadoes, blizzards and more,” Sugarloaf Craft Festivals wrote on its website. “With no cash flow coming in, even a well-managed company cannot survive indefinitely.”

The good news is many medium-to-large size companies declaring bankruptcy will likely be able to work out a payment plan to manage their debts moving forward. If they cannot, then the company is liquidated and the assets are sold to pay off those debts. Small businesses may never recover though.

“We anticipate that a significant fraction of viable small businesses will be forced to liquidate, causing high and irreversible economic losses,” a group of academics wrote to Congress. “Workers will lose jobs even in otherwise viable businesses.”

In many cases, however, COVID-19 bankruptcies are revealing already troubled business models and staggering debt. Many of these companies were struggling before disaster struck. Hertz, for instance, has debt accrued from over 10 years ago.

So, it is safe to say that, in many cases, a complete business reform will be the only thing to prevent this from happening again. It is also easy to assume there are still many other businesses who will file before the year is out. The overall economic impact is likely to be seen for decades to come.

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10 Smart Podcast Episodes to Help You Understand Money During Coronavirus

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Smart Podcast Episodes

If you aren’t following financial podcasts, then you’re really missing out on a lot of terrific information. Here are 50 of the best money podcasts to get you started. In the past few months there have been some really smart podcast episodes for people who are interested in the way that the coronavirus pandemic intersects with finance. Even podcasts that aren’t solely focused on money have addressed this important topic.

Here are my top ten recommendations for smart podcast episodes related to COVID-19 and money:

1. Money and Coronavirus: Sam Sanders and Jill Schlesinger

This is the May 20, 2020 episode of It’s Been a Minute with Sam Sanders on NPR.

The episode begins by saying, “we are going to talk about the economy – but trust me, dear listener, it’s gonna be a chat that is ultimately uplifting in spite of all the numbers we’re all seeing.”

Sam goes on to note that:

  • One in four workers have lost their jobs since coronavirus began
  • More than 40 million Americans have filed for unemployment
  • People want to know whether young, middle-aged, or older people are most impacted

That last point is what the podcast is about. Sam speaks with Jill Schlesinger about the economic impact on different generations. She doesn’t hesitate to say that this is the worst economic recession she has ever seen. Then they discuss the intersection of age and class with the economic impact of COVID-19.

(Fun fact: the second half of the episode is about a Judge Mathis newsletter. If you like something light following your coronavirus financial news, this is a good option.)

2. Coronavirus: Financial Priorities

Speaking of Jill Schlesinger, the Jill on Money show has a lot of smart podcast episodes on this topic. These are short (10-20 minute) that answer questions you might have. My favorite is the May 20th episode on reassessing your Financial Priorities. But other recent episodes address key things including how coronavirus has impacted:

  • Negative interest rates
  • Needing a trust
  • Whether or not to buy Bitcoin
  • The Future of Work
  • Where to invest
  • Maxing out a Roth IRA early

3. Rent in the Time of Coronavirus

This is the May 26, 2020 episode of The Indicator from Planet Money on NPR. It’s a short episodes, less than nine minutes. Nevertheless, I think it’s one of the smart podcast episodes out there addressing a key issue affecting many of us today.

Individuals are struggling to pay rent. Some states have eviction moratoriums, some don’t. Even if you have one, how will you pay the back rent when things return to “normal”?

And if you’re a landlord, how do you cover mortgage payments if your tenants can’t pay rent? This podcast begins with a personal individual story that highlights this important aspect of money concerns during COVID-19. Then it goes on to discuss the issue at a national level.

If you want to get more information about the impact of coronavirus on personal finance, I definitely recommend this podcast. The April 20th episodes is about “coronavirus and the digital divide” and the April 2nd episode is about how businesses are pivoting to adapt to the “new normal.”

4. Falling Interest Rates and Real Estate Investing in the COVID Era

The How to Money Podcast is a smart podcast that is well worth tuning in to if you’re interested in financial matters. In particular, the show’s Friday episodes are specifically about the intersection of current news and personal finance. As a result, many recent episodes have looked at how COVID impacts our money.

The June 5, 2020 episode covers four key topics:

  • The increase in financial scams since COVID-19 began including stimulus check scams but also more unusual scams including pet adoption scams!
  • The pros and cons of falling interest rates for student loans, mortgages and other loans
  • Pay cuts at work for people who are still employed
  • Whether or not it’s a good idea to invest in real estate during this precarious time

5. Being Sold A Better You During COVID-19 with Amanda Montell

Some people love listening to really short podcasts. Other people like lengthy podcasts. I appreciate the former but tend to prefer the latter. I’ve just always loved long-format media. So I’m a particular fan of smart podcast episodes that are around an hour long. If you feel the same way, then be sure to check out this podcast. It is Season 6, Episode 7 of the Bad With Money Podcast.

This one is all about how people are taking advantage of the fear of coronavirus to sell you things that you don’t need. It’s about scams. However, it’s also just about smart – but sketchy – marketing. It discusses linguistics, the change in marketing language, and how we are “being sold a better you.” You’ll learn to look for keywords such as “contactless delivery.” You’ll learn to pay attention to companies pushing anti-anxiety or anti-virus products that might not actually help you out. It’s fascinating and I highly recommend this one.

6. Coronavirus: Is It Time to Give Up on Financial Independence?

The BiggerPockets Money Podcast is another one that has longer (hour plus) episodes. If you’re interested in FIRE information then it’s a good one to check out. Not all of the recent episodes directly relate to the impact of coronavirus. However, several of them do.

In particular, I liked the April 5th episode. They brought together four guests that retired from traditional employment and live the FIRE lifestyle. They come together to discuss how this pandemic is shaping and changing their lives as well as current and future finances.

7. Saving Money During Coronavirus: Some Not-So-Obvious Tips

Even though I love those long episodes, I do also think it’s helpful to listen to some “quick hit” tips. The WSJ Your Money Briefing podcast has episodes that are typically ten minutes or less. The May 27, 2020 episode is seven minutes rich with some great relevant-right-now money-saving tips. They emphasize “little hacks” that save just a tiny bit at a time. For example, there’s a reminder (and how to guide) to rank your expenses not determine what spending. Then you can cut that thing out and use the money as part of your weekly savings plan.

Other recent episode topics include:

  • How to Help Your Parents with Finances in a Pandemic
  • Unemployment Fraud Rises as Claims Hit Record Levels
  • Should You Withdraw From Your 401(k) During the Economic Crisis

8. Quarantine Life: What to Do Abut Kids, Celebrations, and “Free” Money

At thirteen minutes, this is one of the shortest episodes of The Rachel Cruze Show. She has some longer ones that address interesting topics including “what to do with your money during the coronavirus” and “how to bulletproof your emergency fund.” This one is a little lighter but I think it’s also really important for all of the people out there who have kids, especially kids who have birthdays, graduations, and other celebrations during coronavirus.

She talks about how the nice thing is she doesn’t have the pressure of “doing too much” for these celebrations because COVID-19 means that they’re just going to be at home. Nevertheless, you can do some fun memory-making things without spending much money. She also offers half a dozen suggestions for free entertainment at home for kids (that aren’t necessarily for parties or celebrations.)

9. Coronavirus, Oil, and Kansas

Have you ever wondered about the price of oil? Do you understand how it’s determined and what role global economics plays in that? If not (or even if you would just like a recap), this is one of those great smart podcast episodes that provides a succinct explanation. And it does so through the lens of coronavirus.

As they say at the top of the podcast, they “follow the plunge in oil prices from a viral outbreak in China to a meeting in Vienna to a little mom and pop oil business in Kansas.” They explain the history of OPEC. Then they delve into the geopolitics of oil prices. This episode came out early in the coronavirus pandemic, on March 11, 2020. It’s a Planet Money podcast episode.

10.The Emotions of Money with Suze Ormon

Suze Orman’s Women & Money podcast has several episodes that directly address the impact of coronavirus on personal finance. For example, March 22nd was about Getting Real With Your Money During the COVID-19 Crisis and March 29th addressed the stimulus.

However, my favorite recent episode doesn’t have COVID in the name or podcast description, and yet it seems highly relevant right now. It’s about The Emotions of Money. She talks about how desperate, and even suicidal, people feel because they are financially desperate. She shares that her own cousin took his own life in this situation last year.

Suze talks about how important it is not to let emotions dictate our financial decisions, including if/how we choose to deal with the stock market. In the face of not just coronavirus but also the BLM movement and the larger political landscape, emotions are running high. We can cope with those emotions in many ways, but she suggests we don’t let fear and anxiety make our financial decisions for us.

Am I missing any of your favorite recent podcast episodes about how coronavirus has impacted finances? Educate me by sharing in the comments!