How To Stay On Top Of Your Finances During COVID-19

COVID-19 has seen the decline in financial stability all over the world. The economy has taken a nosedive, businesses have gone under or had to let multiple members of staff go, and personal finances have been completely destroyed as people are trying to make sure their families are fed and well. Whilst we’re now beginning to try and get used to the new normal, the virus is still very much at large and could still damage your financial situation. Whether you’ve been affected or not, take a look at these tips on how to stay on top of your finances during COVID-19.

Photo by Karolina Grabowska from Pexels

Spend your money wisely

This might seem like pure common sense in any situation, but it’s easy to panic when you’re worried about supplies not being readily available when you need them. However, bulk-buying could lead to financial distress, and pretty much all stores around the world are doing their best to get stock in in relation to its demand. 

You should also think wisely before making a large purchase that isn’t an essential buy, such as subscriptions to services, or even appliances that you could live without for the time being. Make sure you take the time to work out if your spending will come back to bite you.

Prepare for the worst

Knowing what to do if something bad happens will greatly reduce your chances of going into debt, so plan for the worst! For example:

  • If you’re suddenly made redundant, do you know where to turn?

  • If an essential appliance breaks down, can you afford to make the repairs?

  • Your landlord gives you a notice to move out, could you cope?

In situations like these, you’d need access to a bulk of money in a reasonably fast time frame to ensure you and your family are safe. If you don’t have that kind of money saved, personal loans can be extremely useful. Remember that failure to make payments could negatively impact your credit score, so make sure it’s the right decision for you.

Speak to your utility providers

Getting the cheapest tariff on your gas, water, electricity and even your phone bill is something you should always be looking at, COVID-19 or not. However, utility providers are more likely to be sympathetic to your financial situation at a time like this. Call them and bag yourself a cheaper deal to free up more of your income to save for a rainy day.

Take advantage of any help you can get

Finally, one thing to remember is that we’re all in the same boat, and we’re all trying to keep on top of our money. The good thing is that leaders of each country are doing their best to offer support to its residents, and you should take advantage of any help you can get from the government. Even something as simple as some coupons to help reduce the price of your groceries will help you keep on top of your finances as the world moves into a new normality.

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