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The crown crisis has caused global economic difficulties and Sweden is no exception. It can be difficult to know how to act in the future regarding personal finances when the whole world is in crisis. The most important thing to keep in mind is that this crisis will eventually come to an end, even though the road ahead appears to be longer than expected. Therefore, no major financial decisions should be made as a result of the pandemic: money invested in stocks and the like should be left alone until the situation stabilizes.

Also, it is recommended to take good care of personal finances, as the situation may get worse in the near future. A second wave seems increasingly possible and could lead to a major economic recession for the Swedish economy, which depends mainly on its exports. Here’s what to think about when it comes to personal finance both during and after the current world situation.

Those most financially affected by Covid-19 are the smallest business owners, especially those working in the tourism industry. For these people, it can be difficult to find a balance between business finances and personal finances. It is important to keep them separate and to ensure that personal finances remain stable, even in cases where the business appears to be failing.

Trying to pay off multiple loans at the same time during an economic crisis is not easy. Concurrent loan repayment involves many different minimum amounts to be paid and, generally, an interest rate higher than necessary. With a loan refinance, you can collect all of your previous loans in one place, giving you a chance at a lower interest rate and lower monthly payments.

Obviously, this means more money at the end of each month and a higher level of financial security. A refinance is a particularly attractive option for those who have used loans where sky-high interest rates are the standard, such as SMS loans. Such loans can be difficult to repay within a reasonable period of time and may involve future problems with the Enforcement Officer if you are not careful.

The turbulence that has been observed in the stock market recently may be unsettling, but that doesn’t mean you should panic selling. It is best to wait for the pandemic to pass before moving your shares, as the market may stabilize. As with most things in the financial world, it is best to think long term, otherwise you risk losing large sums of your previous investments.

If things go wrong in the future, it’s important that you don’t end up in a situation where you have to borrow money from family and friends to survive. Therefore, saving for a mattress is essential for a secure personal economy. Generally, a three-month salary is sufficient for most emergencies. If income drops or you suddenly lose your job, such a buffer can relieve stress and contribute to a smoother transition period.

Covid-19 personal finances should not be subject to drastic measures or panicked financial decisions. Small but good financial options are all that is needed to ensure a good economy both during the pandemic and in the future.

In summary, the following should be considered for the private economy:

– A shock absorber. If the need arises, you must have money available until the crisis is over.

– Refinancing. Several smaller loans carry higher expenses per month and can lead to an emergency situation if personal finances deteriorate.

– Leave the investments alone. The situation will stabilize eventually, but it is important to be patient.