Has the pandemic changed the finance and insurance sector? Obviously! The insurers for instance increased rates when COVID-19 broke. There were exceptional difficulties in acquiring capital and loans… Regardless, the pandemic is still upon us and we ought to adapt to the forever changed economy. So here are a few tips to help you manage your money.
1. Spend after saving
It sounds simple but the decision around this is one you should pay attention to. It’s usually easy to spend all your money on things you don’t need yet always saving a portion of it first, will give you financial relief in these unpredictable times.
2. Always budget
Are you sure you need the cable TV anyways? An important step in surviving the pandemic financially is budgeting. After all, how can you know the most important things to spend on if you don’t budget.
3. Save in portions
Realistically, no person has ever got millions of dollars for something all at once, always drop a penny for things like health, crises and food separately so you can afford yourself when life happens.
4. Create a financial plan
What are your life goals? Heard of the phrase paying yourself first? Whichever you’re living your life in the pandemic, attach a plan on your expenses.
5. Invest in COVID-19 related business
The pandemic is not all about bad eggs, businesses have flourished recently. Do you have pandemic-related business you can start now? Invest in something
6. Maximize Your Employment Benefits
Employment benefits like data allowances, health insurances, etc., are worth big bucks that can cut your expenses during the pandemic. Make sure you’re maximizing yours and taking advantage of the ones that can save you money by reducing taxes or out-of-pocket expenses.
7. Trim tax payments
Are you paying taxes that you can avoid? For example Internet taxes or extra Credit card taxes. Plan to make minimal transactions on your Debit card for instance, to trim payments.
8. Keep records of all your financial activities
If you’re not really cautious about your financial activity, you might be financially aimlessly moving in this pandemic. It’s important to be financially alert if you’re looking for hoe to manage your finance. Know here your money goes.
9. Start an emergency saving account
Having money in savings to use for emergencies can keep you out of trouble financially and help you sleep better at night especially now in the pandemic world where it’s tasted that anything can happen.
10. Guard your health
We have got the memo on how expensive it is to treat COVID-19. Guard your health by behaving in a way that limits spread of COVID-19. For example eat health foods and exercise regularly.
