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

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