4 Financial Tips During COVID19 Crisis
The world economy has deteriorated due to the ongoing COVID 19 pandemic. The effects have narrowed down to personal incomes. Most people have either lost their jobs or experienced pay cuts. The introduction of new government policies has also affected retirement pension plans.
However, others are still earning but are facing uncertainty on how to spend money wisely during this crisis. Problems such as depression, anxiety, and crime have arisen as a result. Here are four excellent tips for healthy finances.
Assess Your Current Financial Status Take time to evaluate your current financial status. It is the first step towards economic progress. List down all your resources, and this includes wages, salaries, and savings. Make another list of your expenses. Compare your resources versus your costs.
How is your income to expenses ratio? It will ascertain how well you are doing with your money. A positive outcome should encourage you to venture into investment and savings. On the other hand, a negative result calls for adjustment.
- Think of New possibilities
Consider using your talents, skills, and passions to earn extra money. Use your media platforms to showcase what you do. You will create your brand and sharpen yourself through the feedback you receive.
Learn a new skill through the courses available online. The skills acquired will be beneficial after the crisis is over. The skills learnt can also be sources of income through practice and mastery. It can also translate to offering others the same service for a fee.
- Cut Down on Your Budget
Prioritize having a budget covering the basic needs. Buy essential commodities without overstocking. Acquire your groceries, cereals, and vegetables directly from their sources. It is cheaper than in the market places. These habits can save you some money.
Minimize ordering food from restaurants and instead cook your food. Cultivate on better eating habits using an affordable, nutritious diet. Use cheaper alternatives for fuels and energy. Settle on walking rather than using transport means. It has an added advantage of exercising and keeping your body fit.
- Save Your Money
One of the biggest lessons put across this crisis is the importance of saving. Having multiple sources of income is also beneficial. Save the surplus from your budget. You can start up by saving an emergency fund. Open other savings accounts when you achieve this.
Saving allows you to enjoy security. An emergency fund will cushion you when something unexpected happens. You can also take risks and try new things in the future.
Use this time for your enrichment and personal development.
Do your best to build a strong foundation for financial success. Align your money towards what’s essential to achieve success. Stay focused during this crisis.