3 Ways To Manage Your Finances Effectively During The Covid-19 Pandemic
The Coronavirus pandemic continues to ravage the world and one major concern for many people during this period is the issue of finances.
In Nigeria, there has a lockdown in several parts of the country thereby putting a halt on the daily income of many citizens.
No end in sight as companies and businesses are been hit hard by the pandemic with many losing their jobs on a daily.
The issue of your finance and income is therefore of utmost importance at this point in time.
Here are 3 tips you should follow.
If you have been a spendthrift, this is the best time for you to cut down on excesses and every unnecessary spending. Try as much as possible to be prudent.
Make a list of the necessities(these are things that enable your survival) e.g food, water, drugs, miscellaneous (data, fuel, etc), and cut out other frivolities.
The aim here is to make sure you have enough cash to survive for as long as the lockdown/coronavirus pandemic lasts.
You don’t want to start borrowing money from people, trust me this isn’t the best period to go broke as everybody is also cautious of how their money is spent.
2. Look for ways to earn extra income
Now you have some free time on your hands due to the lockdown, its time to get busy and put your skills or gifts to use.
Do you know how to write or you are good with coding or graphics? Are you gifted at teaching people stuff e.g make-up, baking or you are a great cook? There is no better time than now.
Everybody is at home due to the lockdown hence the demand for these skills online.
No harm in making more income because, to be honest, the pandemic has changed a lot of things already.
Paying staff has become a herculean task for some companies which may lead to many people losing their jobs.
In order not to be caught unawares, start putting your data into good use and earn extra cash. It’s also a good time to learn a few skills that will be profitable moving forward.
Remember, there is nothing as sweet as earning your own cash.
3. Invest with Caution
Before you invest your small savings, make sure you are clear on what you are getting.
Right now, there are lots of online financial institutions hustling for one’s attention.
You need to tread with caution especially if you don’t have adequate knowledge of investment.
Better still, get an expert’s advice as this period isn’t the best season to lose money no matter how small.
The bottom line is when the pandemic will end is unknown and we still need to survive whether we like it or no. Do well not to get in a position of being stranded or without cash.