Thanks to the coronavirus (COVID-19), which was first identified in Wuhan, China, people are not just dying, but businesses too. In fact, the virus outbreak has become one of the biggest threats to the global economy and financial markets, according to CNBC.
“From an economic perspective, the key issue is not just the number of cases of COVID-19, but the level of disruption to economies from containment measures,” said Ben May, head of global macro research at Oxford Economics. (CNBC)
Right now, the pandemic isn’t just a health crisis for most of us, but a financial one too. If you are one of the many lives whom the pandemic has affected financially, here are some tips on how you can survive.
Negotiate with your creditors.
Reaching out to your credit card companies, mortgage lenders, utility providers, landlords, and other creditors, to make provisions for you won’t hurt. They can lower or postpone payments and waive interest or late fees costs, and this will really help you big time.
Take advantage of relief programs and accept financial aids.
All over the world, relief programs and financial aids are being given by the government for all citizens affected by the pandemic. According to an article published in Consumer Reports, help for financially strapped Americans is on the way.
“The Senate is nearing a vote on legislation that would provide relief to businesses, as well as many households, including an increase in unemployment benefits and a one-time payment of $1,200 for most adults earning $75,000 for most adults earning $75,000 or less annually, based on past tax returns.
Revisit your budget.
Now, more than ever, is the best time to get meticulous about your budget. Since you the words “busy” and “hectic” aren’t really part of your everyday routine nowadays, give yourself time to review your budget and find out how you can reduce unnecessary costs.
Cancel memberships.
Speaking of cutting back on expenses, cancelling subscriptions and memberships is a very smart move to help you with this – such as your gym membership and subscription boxes. Just keep the ones that you will actually need like Netflix and Amazon Prime.
Find an online job.
Thanks to the power of internet, we can still earn money from home. If your company doesn’t provide remote work options, you can look for freelance gigs online such as writing content for blogs, online tutoring, graphic design work, and so much more. You can also look for legit websites where you can earn cash from answering surveys, playing games, and watching ads.
Use up gift cards.
You might probably have a stash of unused gift cards laying around at home. Look for them, and now is the perfect time to use that up.
Shop smart.
I know that we are all preparing and buying more than the usual, but that doesn’t mean that we should stop being practical. When shopping for groceries, be smart and have the right strategy. Focus on non-perishable food items, frozen and dried fruits, and food items with long shelf life. You don’t have to hoard unnecessary items and leave your bank account (and other people’s hands) empty.
I know that these tips will not really dramatically save you from the financial toll that the pandemic has caused, but hopefully, this gave you an insight on what you can do to help you and your family survive this financially.
