The world is currently on the brink of entering a full-blown economic crisis. If you want to ensure that your standard of living is not impacted too heavily by the effect that COVID-19 has on the global economy, you must know how to manage your finances when times get tough.

If you want to circumvent all the cash flow challenges that are sure to come in thick and fast over the next few months and years, be sure to put the advice laid out below into practice. Here is everything you need to do to manage your finances during periods of economic crisis:

Know how to tap into your emergency fund

You have been building your emergency fund for several years now in preparation for times like these. First and foremost, congratulations on having the foresight to prepare for the rainy day that the world currently finds itself facing.

If you want to overcome the financial uncertainty caused by the coronavirus in a prompt and hassle-free fashion, you must know how to tap into the pile of money that you have stashed away. The quicker you access your emergency fund, the more likely you will be to avoid the cash flow crisis that is likely to engulf the global economy sooner rather than later.

Do you need to get in touch with your accountant to access your rainy-day fund? If so, now is most certainly the time to be making that all-important phone call!

Take out a short-term loan

If the current economic crisis renders you unable to cover your monthly bills, you should seriously consider taking out a secured short-term loan. So long as you pay back the money that you borrow on time and in full, this will help you to avoid financial headaches both now and in the future.

Should you decide to take this route in your bid to stay on top of your finances, one thing that you will be guaranteed to have is options. There a host of different types of short-term loans out there; you just must find the one that suits you the best and make sure that you can repay it. If you have a vehicle that you do not mind using as collateral in exchange for a borrowed sum, for example, then you should consider taking out a car title loan.

Where can I get a title loan? Several car title lenders are operating on the short-term loan market, so it is always a good idea to research the offers that are best for you. There are many companies out there that will provide you with a quick, easy, and hassle-free cash injection.

If the global economy does go into recession, which is more than likely will do as a result of the coronavirus pandemic, you need to do your utmost best to protect your personal finances. Put the above advice into practice, and you will find it much easier to perform this all-important task.