With the coronavirus spreading more and more throughout the world every single day, many people are forced to stay at home, away from their jobs. Some companies are still giving out their paychecks, some offer only half of the pay and others are firing their employees. How your company will react during the pandemic depends on its financial status. If you are one of the unlucky ones that got a cut in the paycheck or if you are left without a job, there some things you can do remain financially stable.
Even if you still are going to work, you should be at least prepared for the worse and understand what you will need to do during the pandemic to ensure that you will still have a bit of cash in your bank account.
Many governments around the world have agreed to provide families with a bit of cash to help them during these desperate times. For example, President Donald Trump just signed a bill that the United States will provide $1,200 to households that are in need of help. There are also bonuses for unemployed people too.
All of this sounds great, but even $1,200 does not ensure that you will remain financially stable. Fortunately, there are still some things you can do by yourself to make sure that you still have a bit of cash. Here are some tips that might help you prepare and deal with this coronavirus pandemic.
Count your expenses
It is no secret that many of us have hundreds of unnecessary expenses throughout the month. We buy all kinds of ridiculous stuff to keep us entertained. But, if you have started noticing that your bank account is starting to shrink during the COVID-19 outbreak then maybe it is time to take a little break of non-essential cash spending. Even slowing down on the expenses by a little will help you save a bit of money.
To effectively stop wasting money on things that you do not need, you will need to make a detailed analysis of your monthly expenses. Write down the total amount of money you spend on utility bills and other essential stuff such as gas, car repairs and home supplies. Once you have a ballpark number about these costs, subtract them from your total household income. The number you are left with is the amount of money you can save up every month.
Of course, this doesn’t mean that you shouldn’t spend a single dime out of that money, but you can create a budget that will help you be more financially aware.
Don’t forget about your debts
This might not seem like the best time to worry about your outstanding debts, but they still exist. Ignoring them can only make your financial situation worse. Keep in mind, there are some companies and banks out there that have delayed the interest rate of some debts because of the coronavirus outbreak, but there are still some out there that have not obliged for such suspension.
However, just because the debts have been suspended does not mean that you should forget about paying them. Assuming that you want to become debt-free and worry about more important things, maybe you should consider applying for a debt relief which you can find at TheDebtReliefCompany.
Cancel unnecessary services
In these modern times, most families around the world are subscribed to all kinds of services. But, in times like these, are those subscriptions really needed. Of course, you should keep your Netflix, Hulu or Amazon Prime Video subscription, so you can stay entertained during self-isolation, but is there really a need for a gym membership? Most gyms these days are probably completely closed off which means that your money is going nowhere.
The best way to unsubscribe from these kinds of services is to go on your online banking account and check out all the transactions. There can be tons of services that you have forgotten about.
Take-out meals are a luxury
There definitely isn’t anything better than getting a freshly cooked burger right at your doorstep from your favorite food restaurant, but it is not a necessity, especially during the pandemic. Believe it or not, but ordering take-out every single day may be at least twice as expensive than cooking by yourself. Not only will you save money by making your own meals, but you will also eat healthier.
It is also important to note that food prepared by others is a risk of COVID-19 because you can’t really know what kind of safety measures the restaurant follows, right?
It is very important during these times to stay healthy. The coronavirus can have a stronger impact on people that have been recently sick or who are currently sick. This is why it is so important to make sure that our immune systems are stronger than ever.
By ensuring that everyone in your family stays healthy, you will save a lot of money that would have otherwise ended up for medical costs and we all know just how expensive they can be. To stay healthy, you should consider making homemade meals rich with fruits and vegetables to keep with your vitamin intake.
A bit of exercising throughout the day is also a good option. If you can leave your home, you could go for a short walk around the block, if you can’t, a bit of stretching at home will do you good.
Don’t panic shop
You are probably well acquainted with the people who have been doing all of their shopping in panic. They get out with several shopping carts full of all kinds of ridiculous items.
The coronavirus situation might be bad, but there is no need for such things. The outbreak is controlled and will get better in the next couple of months. There is no need to hoard toilet paper and other essential items.
Panic buying can lead to unnecessary expenses which can worsen your financial stability. Buy only what you need and stock up for just a couple of days.
We hope that you will stay safe during the pandemic and that this advice will keep you financially stable too.