Money Management with COVID 19
There is much to worry about, your health, the health of your loved ones, your ability to access food and water, job security, the breakdown of society as we know it.
It may sound silly to be afraid of your finances in the midst of a global crisis, but worrying about paying rent, fearing a drop in wages, or even knowing that you don’t have enough savings to live, can keep you awake at night and worried.
Although money management is not a timely topic at this time, we can avoid financial management by staying home from the usual lifestyle. If you do not have proper financial control on the day when things are going well again, you will run into serious financial problems. For that reason, I hope the following simple financial controls will help you. Here are a few new things you should pay attention to your future wealth management.
01. Review your prospective incoming and outgoing cash
There is no time to be afraid to check your bank balance. Knowing the reality of your financial situation is essential. Make a list of all your costs, including meals, housing costs, and necessary bills, checking exactly what you expect to come in the next few months. Use your time spent indoors to review your direct debit and recurring payments.
Cancel any services you haven’t used or have forgotten for some time—for example, mobile apps, TV subscriptions, internet sites, etc.
02. Find new ways to make money, whether you are self-employed or a business
If you are self-employed and are worried about how this will affect your income, please check out the government debt service and read any news about it. I hope there is a way to make some income. This can lead to new business ideas. Always be alert.
03. See hotel bookings and other things that you have paid in advance. For example, Events, Parties, Travel, Air Tickets
Some of the events and concerts you have planned to attend in the coming months may be canceled. Or you can postpone travel as you intended. Talk to those agencies to see if you’re eligible for a refund. As an option, some suppliers allow you to change flights after the year at no additional cost. If you have travel insurance and you can’t travel, you should check your travel insurance policy too. But keep in mind that policy wording and exclusions may vary. So take the time to read the small print. Be optimistic about the future.
04. Create your simple budget based on your current financial position.
You can use this free time even if you don’t have a specific method for budgeting. Having some way to decide where your money is going each month is sufficient.
Creating a budget with the right equipment allows you to feel more in control of your finances and save money on your prospects.
If you’re on top of your expenses, it’s worth refreshing your budget to consider these new circumstances and how they affect your income and what you spend. Be realistic and look at the past week as an example of what you spend – LockDown is easy to imagine that you will never spend money and save a lot of money, but this is rarely the case. It’s essential to treat your budget as a live document. A budget works only if it feels realistic to your circumstances. It may be different. We differ, especially in the present situation.’ Don’t worry too much about yourself. You need to revise it, and you can do what you feel is right.
05. Continue investing and keep an eye on investment opportunities.
Don’t think this is the end of the world. If you are strong and your mind is steadfast, an epidemic of the disease cannot overcome you. This may not always be the case. Your usual way of life will come back again. So act wisely. Everything is not eternal. Something else, you go on your way.
Take care of this temptation, and be sure to save what you can do so that an unexpected challenge does not kill you. Whether or not the savings make sense to you depends on your personal financial circumstances. Still, generally, it is best to keep a savings deposit to pay for any unexpected bills or challenges you face during this time. It should be a great idea to set yourself a goal. We find that people can save a lot more by setting a goal for themselves. Exchange again, be realistic. Be mindful and patient, reduce anxiety, and be more secure for the future.