We’ve seen pandemic diseases like Coronavirus before; we’ve seen the Great Depression and the Recession too. It shouldn’t mean that we panic. If you’re worried about the lockdown or the quarantines getting tighter, there are certainly some money management tips you can use to protect yourself and your loved ones.
Where Art Thou Finances In The Crisis?
With Coronavirus wiping out thousands of lives off the face of the earth, it’s hard to imagine life when you’re quarantined inside the boundaries of your house. The medical resources are overwhelmed with a constant bombardment of patients, schools are closed down, employees are working from home, and the stock markets are crashing. All of this means we’re up for a modern age challenge, but are we prepared enough to battle the growing pandemic?
The shock from the pandemic takes a more downward turn when only less than 45% of Americans would be able to save $1000 for emergencies arising from the epidemic. What about the rest? Even before Coronavirus became the mainstream news, 53% of the US population is worried about their finances.
While these troubling statistics aren’t music to anyone’s ear, it is clear that there is a dire need for personal money management tips to guide the financial course. Even the IMF has issued a $50 billion emergency financing to countries suffering from the virus and is still devising fiscal policies to help save lives. It shows that serious steps are being taken on the authoritative levels, so it’s time we step into the areas of finances that can be influenced by the epidemic.
Got Some Money Management Tips For The Pandemic? Here’s Our Take
At My EasyFi, we don’t let YOU lose hope because there’s no reason to fear. While you may get the herald of receiving a $1000 check from the US government, here are some of our special money management tips to save and be safe until the pandemic continues.
The fear of Coronavirus might have hit the market, and most people might be losing their daily, weekly or monthly wages. If you’re not getting paid right now and the pandemic is digging its claws in your locality, avoid going out and reduce outside contact. Worrying and stressing isn’t going to help a bit in ending it. If you’re panicking as if the world is ending, there’s a bleak chance that any of the money management tips would work.
Instead of being anxious and panic-buying, stay your ground and think with your wits intact. Follow all the precaution measures devised by the government and healthcare professionals. Stop spending your money because you will need something later; focus on how you’re going to manage your money until the pandemic continues.
Go On A Budget
Since most people don’t have emergency savings, crisis times can be a rough patch. But it doesn’t mean that there’s no solution or alternative to the rainy-day fund. Of all the personal money management tips, the most essential and the most useful step to take then is to take the budget road.
Keeping a budget will allow you to keep a close watch on your expenses and savings. With that, you will also realize the gaps in your financial practice and see if you manage to make your finances fluid again. On a better front, allow a personal finance app to help you keep an accurate record of your money-related activities.
Follow A Strict Financial Plan
The good news for those keeping a budget, following a strict budget plan, will bear fruits – only if the budget is planned rationally. Amid all pandemic heat, analyze your current financial condition, and develop your financial goals keeping your earning sources in view.
Once you’ve identified what action is needed at a particular point, consider the alternative to that plan. You never know if your plan B proves to be more effective than plan A. However, once you’ve foolproofed a plan, it’s time to implement it. Just keep sure that you are reassessing the plan for improvements as you go through it. Following a strict plan as such would prove to be a leak-proof asset for those struggling during the crisis.
Turn To An Affiliate Program For Side Cash
Businesses of all kinds are shaken with the impact Coronavirus has caused and the hit is serious. But that doesn’t mean you have to run out of options. Unlike other pandemic breakouts during old times, everyone has access to the internet and most people have access to an online banking system.
Even if you’re stuck, you can join a valid and authentic affiliate marketing program to earn some side cash. You don’t have to step out of the house or visit someplace to get the job done; you just need an internet connection, a laptop or compatible device, and some training. Believe us, this kind of job is the best possible way to keep safe and secure and manage your finances equally well.
Leave The Credit Cards Alone
Credit cards have massive potential, but these are usually abused to the extent of overshopping, maxing out to making you a delinquent and ineligible for loans and other favors. While most of the Americans are burdened under some sort of debt from credit cards, it’s time you need to set those aside and focus on the cash up your sleeve.
Whenever you have the itch to go out and use the credit card, open up your financial plan, and see if you have a slot to fit that item. If it doesn’t respond to your bare necessities, leave the credit card alone.
When you’re saving finances, you track every penny you’ve had. With so much being shut down, you might be able to go and shop for products at your general store. Everyone’s in the rough right now, but let’s not stress over it.
Instead of hoarding the grocery store shelves and stocking up the stuff you don’t need, try going minimalist or zero-budget for the sake of freeing yourself from mental and financial worries. You’ll yourself see that taking care of your necessities is more critical than just piling your house with stuff you don’t need.
Pour Tax Refunds Into Emergency Funds
If you’ve applied for a tax refund this season, you’re in luck. The reason is that you need money in these times to strengthen your finances and make them more liquid. In case you don’t have an emergency fund, these refunds you’ll receive this tax season can be fed into the emergency fund.
On the other hand, if you already have your emergency fund saved up, still considering seeding the cash in it. The bigger the size of the fund, the better it is to tackle the uncertain times.
Expand Your Investments
When you’re thinking of increasing your income source, you also need to diversify your investment. No, investing in the stock market might not be a sound idea if you’re looking out for prospects. Due to the lockdown, the stock market is already tiptoeing and will probably result in a financial drown for you.
Given these times, go through your investment portfolio and see if you can spread out your investments into different assets and different industries. Run an in-depth check to where there the investment opportunities lie and maintain a slow pace towards it.
Connect With Local Community Online
Your power begins the day you’re applying personal money management tips on yourself first. If you’re going to cut ties with everyone outside, you might find it hard to spend the time without that particular human interaction.
Since these ARE the actual times of need, you need to crash down the pride wall and step out of your way to help people in your community. If you’re healthy, take some time to consider volunteering at the local church or other community groups in your area. It’s going to help, and it’s going to build the hope to survive the pandemic.
Consider Cheap Borrowing Options
Coronavirus has also taken its toll on the interest rates that are falling. Take the opportunity and consider the cheaper borrowing options now. If you have a mortgage and enough equity in your house, it might be just the time to apply for loans and still carry the least interest.
Just make sure you’re also aware of the risk on the side, but if you’ve disciplined your strategy, you can access funds at a lower cost.
Give What You Don’t Need
Don’t need that extra bed in your house or have spare masks or gloves? Why don’t you go ahead and donate or sell them? If you have something that you don’t currently use or are never going to use, try selling the stuff online for some cash. If you manage to sell one thing online, it must be your lucky day!
With all the money management tips, we hope you manage the liquidity in your finances and still keep safe. Know that you’re not alone, because we’re going to battle the pandemic together. We’re committed to your successful survival.