For many, the COVID-19 pandemic means one thing: financial insecurity. Even those who had full-time jobs are becoming furloughed, let go or having their hours cut. Some might not be seeing bonuses they were expecting and relying on. Even if you are doing relatively well, being frugal during this period is a must because you don’t know when your situation might change.
Businesses are being hit hard and their employees even harder, so to help weather the storm that is this virus follow these finance tips starting today:
Cut Back on Subscriptions You Don’t Need
Though in most cases, subscriptions like instant streaming services might not seem essential, but in quarantine, they are. Subscriptions you have like gym memberships are the ones that aren’t important now and should be cut back on. Be firm, especially if the business is trying its hardest not to let you out of your membership. Though it is horrible that you cannot support them, you need first to be able to support yourself.
Freeze Items for Better Storage
We don’t need to let food spoil. With the frozen section usually cleared out at the supermarkets, it’s a good time to prepare food and even meals for the freezer yourself where you can buy whole foods or in bulk to save money and have enough food to last as long as possible.
Reduce Utilities
It is spring, so it’s the period where you stop using your heating and haven’t yet needed an air conditioner. Use this time to cut back as much as you can on utilities. Wear more clothes if you need to or bundle up. This is imperative, as energy companies were not included in the recent funding operation the government announced.
Stay on Top of Your Options
You might apply for financial aid. You might be able to freeze your debts. There are a lot of things that are available now to help society and the economy make it through this pandemic. You won’t automatically qualify for many of them, so have a look and go through the effort of getting everything in order now.
Know Where You Can Get an Instant Loan
Taking out a loan will need to be a last resort kind of measure, but that doesn’t mean you shouldn’t look into your options now. You will need to find a great provider and loan option for your circumstances ahead of time so that you aren’t rushed into a poor decision. If you don’t have a high credit score or simply have an underdeveloped credit history, you will also need more time to find appropriate loans. There are guarantor loans non homeowner households can co-sign, for example, that should help.
Rely on Your Loved Ones
Being stuck at home, and possibly without a job, is scary. Even if you are just working from home, there will be challenges you haven’t yet found the best way to overcome. Asking for help from loved ones is essential during this time. Moving back home to help manage costs is perfectly okay. Looking for a new job in a position you usually wouldn’t ever consider is okay. These are exceptional times, so do what you need to stay safe and supported.
