Smart Ways to Manage Financial Crisis during COVID-19

Apart from the horrible escalation in the positive coronavirus cases and mortality rate, the world is struck with an arguably worse problem- financial crisis!

Certainly the major culprits are unemployment and cruel lay-offs that are sadly increasing at an alarming rate in this pandemic that are capable enough to hinder your financial status.

 1. Fret Not and Read On!

Work on your short and long term financial plans with these smart ways to overcome the financial crisis caused by COVID-19 pandemic.

For the sake of keeping it simple and to be easily understood, let me divide the whole routine as per the specific issue. For example, since shortage of money or its possibility is the main issue here, then start with sustenance of your savings and managing your finances as per the need.

2. Work Budget

If work from home is not applicable in your case then too the need of buying new office wears is negligible. If you have to, then order non-branded clothes and accessories at reasonable rates. Remember to balance out your extra purchases with the fundamental ones.

3. Leisure Budget 

In the same context of the need want save rule, allocate your leisure or recreational budget around it. Resist the urge of buying a new electronic gadget if your old one is working fine. If you really have to, clear off the old ones by selling them online. Save money by cooking more at home, not that it’s not anymore an option but the only option. I am talking about even limiting take-outs or home deliveries will save you a lot of bucks.

4. Stagnant Budget

All those monthly subscriptions to those apps or TV plans that you were so fond of before but gradually lost interest in, believe or not might be still running with or without your consent. Make a thorough analysis of what is operating and what isn’t. Same thing applies with any habitual spendings that you indulge in. If it is not useful and only costing you in turn, shun it out.

5. Comfort Budget 

This covers all those little extra expenses over your comfort possessions such as your car maintenance services, weekly car washes, or home refurnishing, etc. Take cab for daily commute, these days cab fare rates are way cheaper than the total cost of your car maintenance. Your house looks just fine, no need for that extra layer of paint or furniture. Try to minimise any unnecessary expenses for the sake of your comfort. These are tough times to brace for, not to forget everything and make foolish decisions.

6. Support Budget 

Whether you are working from home or going to office, a little extra cash will only help your case, especially in these times of uncertainty. Support budget are the ways of supporting your finances with additional input. Online jobs are luckily still operational, get yourself one and support your finances. If you have a 9 to 5 job, find weekend online jobs such as online coaching or writing jobs that you can manage.

In Conclusion

Even in these times of great adversity, remember we can overcome our financial issues with the right amount of effort and planning. Also, as responsible citizens, we should help our nation to overcome this financial crisis during COVID-19 by helping each other out. If you are well capable, help the less fortunate. Buy more items from the small retailers and hawkers. Strengthen their hope along with yours.

With collective unity, we shall overcome this!