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Making smart financial decisions during the COVID-19 pandemic

Everything is shifting. Before jumping into new investments, make sure you're making an educated decision.
Credit: Getty Images

While the U.S. economy is in a recession due to high unemployment and changing consumer behavior, the coronavirus pandemic has led to some surprising financial side effects.

Consumer debt is at a three-year low and our savings rates have hit a new high. The U.S. is also seeing a coin shortage as consumers use cards more than cash, but coins aren’t the only currency taking part in the new trend. The price of gold has also reached a record high.

“If you’re considering buying gold or jumping into other new investments, do your research and consider talking with a financial professional before making any major changes,” Elijah Kovar with Great Waters Financial said.

Kovar recommends sitting down and scrutinizing your budget. Look at where spending has gone down or could go down, and determine whether your savings are rising during this time.