We will never know what is going to happen ahead of us amid post Covid-19. The present Coronavirus pandemic is a clear indication that we should always be prepared for the unexpected situations as a nation and as an individual. Most of us may have experienced challenges in our financial obligations because of various reasons. To overcome these kinds of obstacles, it is wise to take stock of our financial situations.
Let’s have a look at these financial tips to guide us to look beyond the Covid-19 pandemic and how to stay financially stable.
1. Consistently evaluate your budget
Normally, every well-managed financial household depends on a current budget. Due to the uncertainty of this Coronavirus pandemic and how it will affect our finance and income, all of us need to execute radical measures to ensure that our daily expenses do not increase. These expenses include the essential bills, house maintenances, groceries, and others. Therefore, it is crucial for us to evaluate our budgets and organize or sort various types of expenses as per relevance. Suffice to say, every family needs to prioritize and manage their finances very well and make wise decisions for financial stability until the pandemic subsides.
2. Never ignore or delay your credit cards, loan and essential payments
Although the Government and authorities gave us the options to go for the Moratorium assistance and funding scheme during this post-Covid-19, we should never ignore or forget about our credit cards and loan payments. The key is to never delay our credit payments as this will directly affect our credit score. In fact, if there is a liquidity crisis, we only have to at least pay the minimum payments so that we can avoid the exacerbated bills later on. As for loan payments, we need to inform and reach the relevant banks to help us find the solutions on how to continue payments once the moratorium ends. This will ensure that we will not have any delayed payments and of course, to help us reduce financial stress and anxiety during the Coronavirus pandemic.
3. Do not overspend on groceries
It seems that the Coronavirus cases still increase daily and no one knows when it is going to end especially among those who are living in the most affected areas. There will be quarantines to those who are affected by this epidemic. In this case, overspending and panic buying is not a good idea to the extent that we need to concern more about the preventive measures and avoid ourselves being exposed to this virus. Thus, it is more prudent if we can keep away from crowded places and supermarkets instead and just buying adequate supplies for a month or once for every fortnight. In other words, it is okay to stock up our food supplies but never ever splurge on buying them as we don’t want to end up wasting food and at the same time to avoid wasting our finance as well.
4. Make use of financial relief scheme
We need to make the most of the financial relief scheme we have received from the government. Therefore, we shouldn’t waste the money given. We need to either invest or save it wisely. Meanwhile, as for the Covid-19 moratorium that supports us during these challenging times, we can still opt to apply for a suitable Repayment Assistance from the banks. However, we need to always bear in mind that we need to manage our finance appropriately because we don’t know how long the pandemic will last and its economic impact is difficult to predict.
5. Boost your savings
It is very crucial for us to come up with a plan to boost our savings even though investing our money might be the hardest thing to do during this pandemic. While we are waiting for the pandemic to diminish and before our economies pick up, we will still be using our savings in order to cater to basic needs and emergencies. Hence, let’s boost our savings although with a small amount of money. We have nothing to lose by saving. This is because the small amount we may have saved will indeed help us greatly. In the end, it is actually about how much we save for the unexpected and the future needs.
6. Manage your online spending
We should be mindful when it comes to spend our money amidst Covid-19 pandemic. Although we don’t have to go out to shop frequently, but with an online shopping or shopping through online channels, we might be easily get tempted to buy unnecessary things. The tip is whenever we are tempted to buy things online, do think twice by prioritizing our needs first and reviewing our budget properly whether we do have enough money to spend on the selected items. This is to ensure that we will not exceed our monthly budget and help us to overcome compulsive buying just because of online purchases. Definitely, we don’t want to end up feeling regret and guilty after we make an online purchase.