There is a lot of anxiety around Covid-19. People are scared and worried about what will become of them and their families. Covid-19 has hit hard on people’s finances and some are worried that they may never recover when this is all over.
What strategies should individuals put in place to ensure that they successfully sail through this pandemic? Cytonn Investments held a discussion on Twitter on their biweekly campaign of #AskCytonnFriday, and asked Kenyans what their strategies are.
As an individual, what strategies are you using to sail through #Covid19? Let us discuss on #AskCytonnFriday with @CytonnInvest this morning. pic.twitter.com/RGcwoTqOAH
— juma G. 🇰🇪 (@jumaf3) April 24, 2020
According to Cytonn, even with Covid-19, Kenyans can still invest with the little they have in low risk and short term investment vehicles that assure you of above-average returns such as CMMF is a great way to supplement the growth of their savings.
Investing in low risk and short term investment vehicles that assure you of above-average returns such as CMMF is a great way to supplement the growth of your savings#GoCashlessWithCMMF#AskCytonnFriday pic.twitter.com/jkfkQGrc8J
— Cytonn Investments (@CytonnInvest) April 24, 2020
Here are some tips to help you sail through:
Stick to fundamentals
While the root of the current crash is not economic, the upheavals it will bring will play out similar to previous crises. In bad times, typically fundamentally strong businesses sail through @CytonnInvest #AskCytonnFriday #SokoNews pic.twitter.com/cqiv285dbe
— Getrude (@TraceyIva) April 24, 2020
Cut your budget-cut down anything that is not a necessity and get your monthly expenses as low as you can and avoid getting into debts.
Debt will keep you up at night, spending and contribute to a feeling of low self-worth and hopelessness. Take charge of your finances and stop spending on non-essentials. Track your daily expenses for a week or two and decide where you can cut back. Note the items you accumulate mindlessly. This also called trimming the fat on your budget.
Have an alternative source of income-find new ways that you help you meet your financial obligation. It’s advised not to be dependent on one source of income at any time, this is to help on financial security and allow to build a sinking fund for future eventualities.
Find an alternative economic activity that will boost your income.
Look for treasures-turn a dream, idea, or talent that you may have never pursued into a lucrative business. Golden opportunities often present themselves in the midst of chaos.
Most of the business inventories that become the most profitable businesses are the result of a second chance of ideas and talents that existed.
Communicate-You are not in the financial constrain alone. Speak it out and share with someone what you are going through. Get your concern off your chest. Ask for moral and financial support from friends and families.
Holding your fears inside yourself build anxiety proportion to sickness, depression, and death. You may be sharing with someone who has your solution or resources you need.
Avoid over thinking-Don’t let your mind be a scene of horror ideas about the future. Don’t let everything look impossible and fiction. Be in a position to differentiate the fact from fiction.
And this will help you turn your scarily fiction to possible business ideas, generate positive energy from within and able to actualize into income