A Guide To Keeping Your Finances Safe During A Pandemic

  • July 28, 2020

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Many people have had to deal with financial hardships since the pandemic took hold. Many people had to take on less work, some were furloughed, others dropped without notice - the list goes on. Many people still don’t really know when things will go back to ‘normal’ for them, and this can, of course, be very stressful for those who like stability. If you want to keep your finances safe during a pandemic, then read on for some advice:

Contact Financial Lenders or Creditors

Now could be the time to contact financial lenders or creditors before you find yourself in serious trouble for missing payments. You may be able to go on a ‘holiday’ for certain bills, but you may also be able to get a reduced payment for others. Remember, it’s always best to contact them and let them know what’s going on ASAP so they can put something in place for you. If you don’t tell them and you miss a payment, they aren't going to know that you’re struggling and this could have a huge negative impact on you and your credit. 

Build A Budget

Now is the perfect time to build a budget if you didn’t already have one. Put together how much you have in necessary expenses each month, and figure out any extra spending money you have. Ideally, you’ll put some of that extra spending money into savings to protect you in an emergency, but make sure you also have enough for things like food and unexpected payments. 

Related:Coronavirus Family Budgeting 101: What It Is and How to Do it

Track Your Spending 

Track everything you spend, no matter how small. This will give you a better idea of where your money goes, and you’ll quickly understand how you can improve to get your finances in better shape. For example, if you eat takeaways regularly, try to cut down on the amount you eat. Even picking up a few things in the shop on the way home can add up over the course of a month. 

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Stop Unnecessary Spending 

Cancel payments you don’t really need right now, whether that’s Amazon Prime, Netflix, or Magazine Subscriptions. You can always sign up again when you’re stable and in the clear. For now, cancelling things like this will give you peace of mind. 

Try To Keep Paying Off Any Debts 

If you have debts, do your best to continue paying them so you don’t have mountains of interest to worry about. Take a look at channels like this one, where DTSS reviews the banking families to get an idea of what you can do about your debts and how you can be successful once more. 

Consult A Financial Expert 

If you need help, don’t be afraid to ask for it! You may need somebody to look at your situation objectively. Focus On Your Health and Wellbeing

Oftentimes, when we get a sudden urge to spend, it’s because we feel like we’re missing something and don’t want to address it. Rather than outwardly looking for something you don’t need to spend your money on, focus on your health and wellbeing. See if you can take a nap, take a bath, or do something nice for yourself that doesn’t require you to spend any money.

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