Financial tips to consider in a time of coronavirus
The reality is that no one is safe from the possibility of contracting the coronavirus and all of us must ensure that our finances are ready in case of a healthcare emergency.
Here is what you should consider:
Minor children
If you are a single parent, put plans in place for the care of your minor children. Consider a situation where you need to be hospitalised immediately and then put mechanisms in place to ensure your support system will be fully operational in such a scenario.
Payment of accounts
In the event of a long period of hospitalisation, you would need to appoint someone to pay your accounts and ensure your household can continue functioning in your absence. Bills will need to be paid, rent or home loan payments must happen, domestic worker wages must be paid, and so on.
While some of your payments may be automated via debit order, there are likely to be some bills that need to be paid manually.
Access to cash
Now is a good time to ensure your emergency funding is immediately accessible and that your loved ones can access it quickly.
You want to avoid them having to go into a bank currently, so consider moving some of your emergency money into a bank account for easy withdrawal.
Power of attorney
It is worth considering giving someone signing power over your financial and business affairs if you are hospitalised.
A power of attorney is a legal document which allows you (the principal) to appoint another person (the agent) to transact on your behalf if you are incapacitated.
Craig Torr is founding director at Crue Invest
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