COVID-19 blew the world, not just medically but financially. Millions of people lost their lives while millions lost their source of income. COVID-19 has undoubtedly crippled the financial world that significantly caused millions of families to feel the pinch. It has truly left people hard up these days. Sadly, economic recovery is beyond sight.
Do not be disheartened though, and adopt below ways to financially survive this pandemic and its effect on your finances.
Review your Finances
Pre-COVID-19, you may have established your budgeting formula. However, it may have been messed up by COVID-19. To financially survive, review your living expenses again and separate your needs from your wants. Realign your travel or leisure fund to your necessities. You can always move your travel plan next year. Besides, leisure is not convenient these days as there is a risk of contracting the virus in public places.
Review your shopping list. Surely, you'll notice that you have been spending more during lockdown because eating has been the most common activity of the family to ward off boredom. But, to financially survive COVID-19, maximizing ways to save money must be sought. From your list, cross-out items which are unhealthy like chips, chocolates, soft drinks, and the like. You’ll be surprised how much money you can save from shunning away from junk foods. Similarly, it is wise to uninstall your food delivery apps and refrain from ordering from your favorite fast-food restaurants. Instead of satiating your cravings for milk tea, pizza, and the like, start savoring home-cooked meals. It is healthy both for your body and your pocket.
Adopt a New Spending Habit
If you use to visit the grocery stores every week, try scheduling your visit every two weeks. This will save you transportation or diesel expenses. Notably, it saves you from catching coronavirus due to minimal exposure to the public.
Buy in bulk. Instead of buying items in small packages, choose to buy those in bigger packages because they come cheaper than the former.
Look for New Stream of Income
Sell online. Since the lockdown, online selling business has surged and continues to become part of the new normal. Everything can be bought online. Hence, if you love cooking or have a talent in making dainty knick-knacks, try selling them online.
Hunt for online jobs. The internet is limitless so you must use it to good use. If you have a talent, skill, or technical know-how on a particular area or subject, try applying online. There are online job portals sought after by employers who need virtual employees.
Sell your used but not abused items. Check your closet for clothes that you have outgrown, bags you no longer use, or anything that can still be used by someone else. If you’re not donating it, might as well convert it to cash.
Plant your greens. Make the most of your “stay at home” time by starting gardening. Plant vegetables so you have a source of food in a few weeks. Aside from being healthy, it is also free.
Create Source of Passive Income
COVID-19 is causing the world financial struggle. To survive similar economic uncertainties in the future, it is important to have savings. One way of ensuring your future is by having a passive income. Once you’re back on track and have a regular stream of income, make sure to set aside an amount for your investment which will create a passive income. Some of these investment options include mutual funds, stocks investment, bonds, or real estate business.
No one knew that COVID-19 was coming. No one knew its financial effect and most were not ready for it. But instead of giving up, you must survive and learn from it. When the world will be challenged again, at least you are financially ready.