Saving Your Finances During The Coronavirus Outbreak

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Covid-19 has taken the world by surprise. To stop the spread of the virus, businesses have had to close down and people are now out of a job. With no income, many of us are wondering how we will pay our bills or even afford to stock up on food. If you’re in this situation and starting to panic, here are a few important tips that could help you to financially manage during the coming months.

Start living frugally

If you haven’t got a lot of money to spend, make sure that you’re not splashing out on unnecessary purchases. Prioritise food and essentials – don’t be tempted into buying clothes and gadgets online just because you’re stuck indoors all day with nothing else to do. Creating a weekly budget could be useful.

Decide whether you need to borrow money

If you’re short of cash and unlikely to be able to earn anything in the next few months, it could be worth looking into loans to give you some more money to live on. Emergencies like this are sensible times to borrow money. Just make sure to spend some time shopping around for interest rates rather than going with the first loan you can find – you could save yourself some money in the long run by doing so.

Talk to your providers

A lot of providers are currently offering discounts or the option to freeze payments to those that are struggling due to the coronavirus outbreak. You won’t be offered discounts or frozen payments unless you ring up, so make sure to make that call. Don’t wait until you can’t afford your payment and then try to negotiate a deal after missing several bills as providers may be less sympathetic at this stage.

Don’t take any financial risks

Don’t try to earn money through gambling – you could throw away what little money you have. Similarly you should be careful of investing in the stock market. Stock prices may be low right now, but there’s no certainty as to what will happen next and you don’t want to lose this money.

Seek support from friends and family

You may be friends and family members who are in a better financial position. If you are financially struggling, don’t be afraid to turn to them for help. Given the circumstances, many of them will almost certainly be willing to lend a helping hand.

Prioritise your health (and the health of others)

Staying physically healthy is more important than staying financially healthy. If your company is still running but there’s a high risk that going into work may put you or your family in danger, resist the urge to go into work just to earn some extra money. This is most likely to be a danger for those with underlying health issues – some employers may not allow you to work but others may be more than willing to let you work in spite of the dangers you could be exposing yourself to. Put your health first in these situations and stay at home.

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