Coronavirus outbreak has turned out to be a real test of the financial potential of the middle class. Millions of people have been laid off from work. Many others are working in a system where they work on an everyday basis, or they do not have any earning.
From shop owners to vendors to restaurants, all the businesses had to be closed down. And now, most of the individuals have to continue living in quarantine for a long time. There is a real chance that the quarantine may last till June or even August. How will you keep your financial freedom in these times when you are spending money much faster than you are earning?
Here we have shortlisted a few good ways for you to have a robust financial net that will allow you to successfully plan your financial future with smart money decisions in the times of this vicious disease taking away our fate.
1. Have A Financial Plan
How to be smart with money? If there is a time to have a financial plan, then it is now. You will find that having a clear cut financial future will allow you to plan more practically. Learn a new skill online or try freelancing through remote jobs but find a way to push the envelope in these times.
The time of staying at home can be spent to change your life for the better truly. In the modern-day and age, individuals can find a solution to their financial problems on the internet.
How to be smart with money in your 20s? It will be highly advisable to find ways to earn in this time even if just a little bit. The more financial independence you can gather at the beginning of the quarantine, the lesser you will worry about how long the quarantine will last.
2. Prioritize Your Financial Decisions
Are you focused on paying off your debt or paying your mortgage? When you have a fluid system of financial prosperity, then your priorities are laid out. But when you are not getting your paychecks, then the question of what is essential arises.
How to be smart with money in your 20s? Now you need to know if it is more important to keep up with your payments or to run the house without tapping into your savings. A simple solution for smart money decisions is to inform all of your creditors that you are in quarantine and cannot pay the credits back for the next few months.
How to be smart with money? Many companies are allowing for relief, considering that half of the planet is living at home. You must have similar options available. Make sure that you avail them if they are at all possible to you.
3. Know That Organization Is The Key
You must learn to organize your financial life in these tiring times. Staying at home is a synonym for binge eating and endless Netflix, but it cannot be. It is also a way to run up all sorts of utility bills because the electricity is being endlessly used.
How to be smart with money in your 20s? We do not need to remind you that quarantines are expected to last for the next few months. If you are wasting your money right now, you will have a massive problem in the coming months.
Time to slip some smart money decisions in your sleeve and cook meals at home with whatever you’ve got. Turn off the lights before you leave a room and make sure that you are using this time to do all the essential house improvement works that needed to be done.
4. Keep Track Of Your Finances
The biggest problem you will face at this time is how to keep track of your money. Whether you are single or a family, when everyone stays at home, money starts getting spent fast. Teach your children how to be smart with money as a teenager.
You need to take adequate measures to control spending. Give little pocket money to all the kids that they get to spend till the end of the month. Focus on making homemade snacks and stack them up so that kids will have something to eat at all times.
Also, in terms of smart money decisions, find simple home decor or cleaning projects that will keep the kids busy. They will also keep their minds off of the many ways they can spend your money. The time can be spent healthily to have effective productivity in your life.
5. Stop Shopping
It is easy to feel like this is the perfect time to catch up on your shopping, online and retail. But this is the worst time for you to waste your money on shopping. How to be smart with money in your 20s? As we said earlier, you do not know how long the quarantine will last.
You may find yourself needing to use your money in June or July if the quarantine is not lifted. The summer shopping that you are thinking about maybe wholly useless. There is a strong chance that near quarantine and closed quarter style system may prevail across the globe till August.
How to be smart with money? We are all going to spend our summer at home unless some truly miraculous breakthroughs occur in the realm of the coronavirus vaccine. So we will strongly advise you to make smart money decisions and not to buy that summer dress or any other summer-related products.
6. Pay The Debt
Debt payments and college loan payments are dear to your heart. We understand how to be smart with money when you have to pay down your debt. At any other moment, we would be telling you to pay your debt as much as you can.
But for now, maybe try holding off on your loan payments. Find a way to excuse yourself from loan and debt payments for the next few months so that you can use your saved money to run the house.
Unless you have cracked the online freelancing business and do have enough money to continue to pay down your debt, in that case, you should undoubtedly continue to pay back the money that you owe and make smart money decisions.
Check out the Debt Eliminator of My EasyFi while you are at it!
7. Save Your Credit Score
Now is the time when your credit score may tank for the worse. You will find that a drop in your credit score is nearly inevitable since you will not be able to pay back your debt. You will not be able to pay your mortgage fees and may get into some credit card debt to pay for your groceries.
How to be smart with money? Our solution: Don’t touch the credit card so that you do not go into credit card debt. On the other hand, make sure that you are using a simple mechanism to financial stability and let your credit score take a dip because you are behind on your payments.
8. Focus on Your Future
Now is the time when you can take smart money decisions and step back. Try and understand how your career is not going the way you always envisioned. There is an original tunnel vision of working every day. You tend to forget the big picture.
Now is the time to take out the map and check out the path you always wanted. May be promotion is not the best way to get you where you ever wanted to go. Maybe a small detour into another department or a training or skill upgrade that will give your CV a fresh outlook is what you’ll need.
How to be smart with money? Our point is that unlimited free classes are being offered online, whatever professional upgrades you were hoping to gain, now is the time to take out your notebook and go back to school, online!
9. Determine Your Financial Goals
Well, in these days, financial pitfalls to avoid are more what you can best aim for and make you question your ability on how to be smart with money. Financial goals these days are damage controllers. The list mentioned above is compiled so that you can consider all of these points for smart money decisions and avoid them the best you can.
Follow My EasyFi On How To Be Smart With Money
The main question is always whether the quarantine situation will last for a few weeks or many months. The data that is coming in suggests that the quarantine may last for several months to come.
In that case, having an easy affiliate program might seem the best feasible option to keep your income portal open. That is why we will advise you to spread out your resources and focus on financial freedom to the best of your abilities by the end of this disaster.
You should make all of your plans in mind as experts insist that the crisis is most likely to last till September. We wish you all the best in your quest to stay above coronavirus. Keep safe, keep earning at home!