We’ve been spending a lot of time at Create & Cultivate HQ discussing how we can best show up for and support our community during this uncertain time. Community is at our core, and connecting with others through one-of-a-kind experiences is what we love to do. While the world has changed, our mission has not. We’re committed to helping women create and cultivate the career of their dreams, which is why we’re proud to announce our new Ask an Expert series. We’re hosting discussions with experts, mentors, and influencers daily at 9 am, 12 pm, and 3 pm PST on Instagram Live to cure your craving for community and bring you the expert advice you’ve come to know and love from C&C. Follow Create & Cultivate on Instagram, check out our Ask an Expert highlight reel for the latest schedule, and hit the countdown to get a reminder so you don’t miss out!

The coronavirus crisis has taken a serious toll on the economy, causing the U.S. stock market to have it's worst day since the 1987 stock crash and the OECD to cut global economic growth projections in half. Needless to say, money anxiety is at an all-time high as a result. In fact, according to a recent study, 67 million Americans anticipate they’ll have trouble paying their credit card bills due to coronavirus.

In an effort to help ease our financial fears during these uncertain times, we hosted a special Fireside Chat edition of our Instagram Live series, Ask an Expert, with Sallie Krawcheck, co-founder and CEO of Ellevest, a digital investment platform built by women, for women. Our founder and CEO Jaclyn Johnson virtually sat down with Krawcheck to answer all your most pressing money questions in the wake of the coronavirus, including how to cut unnecessary spending from your budget and how to fund your small business during quarantine closures.

Read on for three key takeaways from the conversation and head to the Create & Cultivate Instagram to tune into our next Live Ask an Expert segment.

Tip #1: Don’t stop investing.

“The question we get the most at Ellevest, is, Should I be buying? The second is, Should I be selling?,” explains Krawcheck. “The answer is you should be investing steadily for your longterm goals. You should be investing a bit of your paycheck, after you pay off debt, because if you try to time the market you will fail.”

Tip #2: Watch your expenses.

“Watch your expenses,” Krawcheck advises small business owners who are doing everything they can to keep the lights on. “Use your values to determine what expenses are important, protect your company culture, and trim where you can without hurting your core business.”

Tip #3: Contribute to an emergency fund.

Krawcheck's rule of thumb for a healthy financial future includes breaking down each paycheck (a.k.a your take-home pay) following these general guidelines:

50% of every paycheck should go toward paying for things you need (think: rent, utilities, car insurance, etc.)
30% should go toward fun (think: those extras that bring you joy, like that outfit your dying to buy or you’re favorite workout class)
20% should go toward future you (i.e., your emergency fund, 401k, IRA, etc.)

However, before you start contributing to an emergency fund, “get your credit card debt paid off because it’s leeching out wealth from you,” cautions Krawcheck.

Ellevest is answering any and all money questions that come in from the community on their blog. It's an amazing resource in these uncertain times.

Sign up for Sallie Krawcheck’s weekly newsletter, Money Monday, to stay up to date on all things women and money.

About the Expert: Sallie Krawcheck is the CEO and co-founder of Ellevest, a digital-first, mission-driven investment platform for women. Ellevest is one of the fastest-growing digital investment platforms and has been named a #24 on CNBC’s top 50 "Disruptor" list and #14 on LinkedIn’s 50 “Most Sought-After Startups” (#2 in New York). Krawcheck is also Chair of the Ellevate Network, a 135K-strong global professional women’s network, and Pax Ellevate Global Women’s Leadership Fund, a fund that invests in the top-rated companies for advancing women. Before launching Ellevest, Krawcheck built a successful career on Wall Street: She was the CEO of Merrill Lynch, Smith Barney, US Trust, the Citi Private Bank, and Sanford C. Bernstein. She was also Chief Financial Officer for Citigroup.