It comes to no surprise that almost everybody got caught off guard with this pandemic, but there are always solutions that can help bounce back fast.
Probably nobody could have predicted that we will be hit so hard in 2020, and even if we would have known, is there anything you would have done differently? It’s very clear that the disease part is not what torments us the most, but more the economical side. Either you are a simple employee, entrepreneur or a starting freelancer, you would need to sit down and make a plan for the near and far future. It’s never to late, but if you act soon, chances are that you will succeed much faster and bounce back before you fall really hard.
5 Tips for Personal Finance Issues amid COVID-19
- Spend less than you did before. This doesn’t need to be related to how your job status is, but more of a prophylactic state of mind for the future. Make a list and see where you spend most of the money and check whatever might not be so necessary. Eating out a lot? You have no choice but stay inside in the next few weeks. So why not start cooking by yourself, it’s much cheaper that ordering out and you might just be really good at it and you wouldn’t even imagine this a month ago.
- Have more time? Develop a side hustle if you can turn your hobbies into some kind of small business that could be a secondary income. Having a safety net is always ideal especially for your mental health. You might find this funny, but extra money or generally, an extra income will make you feel safer and less stressed. This would actually protect your immune system as it could get weaker when mental health is not too pink.
- Don’t use your credit card. Even if it sounds tempting or you might want to splurge on something right in the middle of this pandemic, try not to. You might be able to cover the costs easily, but what if you lost your job tomorrow, how would that feel? Credit cards are great to have for any “just in case”situations, but in times like this, don’t use it, unless it’s vital.
- Postpone any big investments even if it’s just renovating your apartment. Spending a huge amount of cash on things that are not vital will get you places you never would have wanted. Your new sofa can wait, so does your bathroom even with those outdated colors and details.
- Invest in things that might get you earning more money in the near future. Things right now have low prices and most products will show a decrees in value, but that’s only for a short period of time. Fashionistas will think: Chanel, Gucci, Cartier, but it’s not all about fashion. Buy that machine you wanted to start your own business with, get that new Macbook that will help by making your desk work more smooth.
But these are all just tips for how to manage your financial issues.
Seek Help –
Polk Partners are the alternative
If you don’t seem to control the situation, be sure to call the experts. Polk Partners are widely known for being able to help yuo bouch back from such a bad period. Save more, spend less and identify your problems faster that th eothers, it would help you on the long way,
It’s better to prevent that to treat, so try to put money apart and see how that works on the long term.