How Best can You Manage Your Finances During Covid-19?

By Soko Directory Team / July 2, 2020 | 10:07 am



daily interest investment

So many have turned out to be victims of unemployment due to the outbreak of Covid-19 that hasn’t spared several businesses following the imposition of Lockdown, throwing several businesses into shock and indefinite closure.

A few Businesses have managed to sustain some employees after resorting to the working from home, However, if your company wasn’t lucky enough to cope up with the challenges of working from home, below are some times to help you manage your finances.

Always draft a Budget

Once you have a budget created, you can compare how much money you have available to what your expected expenses will be in order to see if your timeline for surviving your work outage is accurate. No one is certain of when and how Covid-19 shall be cured, however, setting aside a budget whenever you are going to shop for those groceries may just be the savior you need. You spend more than what you expect whenever you shop minus a budget.

Determine How You Are Spending Your Money

It is normally good to cope up with a situation in case one arises, the moment you are able to identify hectic economic times and determine better spending measures, then you are a winner.

Covid-19 times are hectic economic times that have grabbed your job from you, so learn how to spend accordingly. Most people do not think about how they spend money after knowing how much the mortgage or rent and monthly car payments are, many pay less attention to daily spending. Critically analyze what you are eating, where and how much, it’s not time to order daily pizza, trust me. Spend more carefully.

Cut Back on expenses where necessary

As a Covid-19 unemployed victim, you are really doomed financially, you are in a position where you cannot even go job hunting, and then you are completely finished.

Develop a budget that eliminates most unnecessary expenses, you do not completely have to behave like a street kid however, cut back on those expenses substantially. Locate inexpensive places to go out to eat and drink if necessary, it is high time you looked for discount offers if any, this is the time to develop negotiation skills, my friend, learn how to bargain. My point is to resort to cheaper and affordable options, it’s not time to be a spendthrift.

Avoid Major Purchases

You are facing a financial revolution that you are not certain of when you are to gain victory, so it is definitely not the time to buy that new car or plasma TV.  This is the right time to employ the slogan “we eat to live not live to eat” this definitely means life and spend on what is necessary. Trouble is having no roof over you and your kid, so drop the formalities and stock groceries instead of a new posh car, you have a family to feed not public to impress.

Become an opportunist

Several companies have lost business and are in a panic at the verge of collapse during this Covis-19 period. Many businesses are offering services at reduced prices, businesses are having promotions online just to keep the few customers available, do not be prideful and look out for such opportunities and save the extra cost.

Maybe taking advantage of government programs isn’t your cup of tea, but these programs are in place for just such a time. Find out what’s available to help you through this time, and tap into those resources. For example, in case the food being distributed to help knocks at your door, accept it, and save yourself purchasing it.

Consider Adding a Renter or Roommate

If your home is large enough, adding a roommate to share your expenses can be a way to relieve the burden right now. This won’t work for everyone, of course. But even if you have a family, you might be surprised to find that a friend you’ve known for years is happy to move in. It’s a win-win after all. Your new roommate could get a much lower monthly rent, and you get money to help pay the mortgage and utilities.

By Nsunjo Erica





About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

View other posts by Soko Directory Team


More Articles From This Author







Trending Stories










Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE



ARCHIVES

2020
  • January 2020 (272)
  • February 2020 (310)
  • March 2020 (390)
  • April 2020 (321)
  • May 2020 (336)
  • June 2020 (329)
  • July 2020 (335)
  • August 2020 (84)
  • 2019
  • January 2019 (253)
  • February 2019 (216)
  • March 2019 (285)
  • April 2019 (254)
  • May 2019 (272)
  • June 2019 (251)
  • July 2019 (338)
  • August 2019 (293)
  • September 2019 (306)
  • October 2019 (313)
  • November 2019 (362)
  • December 2019 (320)
  • 2018
  • January 2018 (291)
  • February 2018 (219)
  • March 2018 (278)
  • April 2018 (225)
  • May 2018 (238)
  • June 2018 (178)
  • July 2018 (256)
  • August 2018 (249)
  • September 2018 (256)
  • October 2018 (287)
  • November 2018 (284)
  • December 2018 (185)
  • 2017
  • January 2017 (183)
  • February 2017 (194)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (205)
  • July 2017 (190)
  • August 2017 (195)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (165)
  • February 2016 (165)
  • March 2016 (190)
  • April 2016 (143)
  • May 2016 (245)
  • June 2016 (182)
  • July 2016 (271)
  • August 2016 (248)
  • September 2016 (234)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (166)
  • April 2015 (108)
  • May 2015 (116)
  • June 2015 (120)
  • July 2015 (148)
  • August 2015 (157)
  • September 2015 (188)
  • October 2015 (169)
  • November 2015 (173)
  • December 2015 (207)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950