by Haris Quintana
The coronavirus pandemic has impacted the world in many different ways. Hundreds of thousands have tragically lost their lives to this contagious disease. Even more have lost loved ones. So, it may seem inappropriate to complain about lesser troubles. But it is important to acknowledge that coronavirus has impacted us all in various different ways than solely our health and physical wellbeing. For many of us, coronavirus has completely thrown our financial stability. We may have had stable and secure incomes for years, only to find that coronavirus has deprived us of the main source of money. This may be an entirely new experience for many of us, so you may be feeling at a loss as to what to do if your income has now been compromised. Here are just a few tips and tricks that can help you to maintain and manage your personal finances throughout this pandemic!
Look Into Available Help
There are many sources of help out there for people who are struggling financially as a result of the pandemic. Governments around the world are very aware of the difficulties people are facing and there are various different solutions being put on the table. Some countries are offering welfare system payments. Some are allowing employers to furlough their employees - meaning that the government will pay a proportion of your usual wages. Some governments are offering grants to people who are self employed to cover a percentage of their usual income. Some governments are offering stimulus checks. So, take a look at the help that is available to you. Apply to all that you are eligible for!
Consider Taking on Key Worker Roles
If you are unable to carry your position out remotely and are struggling to make ends meet, you may want to consider taking on key worker roles so that you can still generate an income and pay your bills and other essential outgoings. There are various different roles out there. Supermarkets and grocery stores are hiring countless numbers of staff to stack shelves, operate check outs and otherwise meet increased demand. Farmers are hiring people to pick fruit before it goes bad. Just take a look at the different roles available and apply to any that you feel you are able to carry out.
Take a Serious Look at Your Finances
If you’re really struggling, it’s important to take a serious look at your finances. There’s no point in taking out loans or credit cards to get by if you do not have a reliable or stable source of income to pay them back in the near future. You could simply find yourself spiralling into serious debt. If this is the case, you may need to look into declaring bankruptcy. This process could eliminate debts and make life more feasible for you.
Cut Your Outgoings
If money is tight, now is a good time to budget and cut your outgoings. You should take non essential and luxury items off your outgoings straight away. Then, you should look into how you can cut costs tied to essential purchases. Using price comparison sites could see you find better energy deals. Buying own-brand or unbranded food could reduce the cost of your food shop. You may be able to sell your car and opt for public transport if you need to get from one place to another instead. No matter how financially adept you may be, chances are there are costs you can remove from your lifestyle for the time being at least.
Request Payment Holidays
Some industries are allowing payment holidays or are cutting interest attached to purchases during the pandemic. If you have a mortgage, you may be able to get a mortgage holiday, which postpones your payments until you have a sufficient income again. Lenders could put a payment holiday on loans. Credit card providers can pause interest being added to your monthly payments. These changes could make the difference between you being able to get by or not. So, it’s always worth calling up and simply asking if you need it. The worst that they can do is say no.
These are just a few different things you can do to maintain and manage your personal finances throughout this pandemic. These are difficult times for many of us, but hopefully, some of the suggestions above can make a big difference to your day to day life!