Making Your Way Through the Pandemic Financially
2020 has thrown a lot at us. At the beginning of the year, very few people would’ve been able to predict just how severely coronavirus would impact all of our lives. Even those who have not been personally physically affected by Covid-19 have seen our day to day routines completely change as we do our utmost to follow government guidelines on self isolating and socially distancing.
Those of us who used to work in offices are now working from home. Those of us who can’t work from home but are not key workers may see ourselves with our incomes reduced to nothing. The kids are off school. We can’t meet up with friends and family who we do not live with. These are all major changes that many of us are struggling through. The good news is that there are various ways to fare through these difficult times. You needn’t face financial ruin at the hands of something that’s out of your control. Here are a few things to bear in mind or consider doing to continue your cash flow for the time being.
Be Aware of Government Help
The government is passing various laws and implementing a number of schemes to help you during this time. The economy is in crisis and they are aware that people are struggling. One huge change that you should be aware of is that the government is issuing stimulus checks to many individuals up to the value of $1200. It’s important that you know whether you are eligible for one of these checks, as it could help you out hugely right now. There’s plenty of information on government websites, as well as specialist sites for individuals, answering questions like whether there is stimulus for senior citizens. Just make sure to be wary – there are plenty of scams going on right now, so don’t give personal information to anyone requesting it.
Reduce Your Outgoings
If your income has reduced, a huge first step you can make is to reduce your outgoings where possible so that you can cover all of your basic essentials without overspending. This can feel a shame, but you don’t want to fall into debt! If you can no longer afford something and it can be cancelled, or you can simply stop buying it, cut it out. For example, music streaming services, TV streaming services, luxury purchases or other spends.
Pick Up Freelance or Key Work
If you’re really struggling to get by and your income is outweighed by the cost of bare necessities, you could pick up or unskilled key work. Many grocery stores are looking for staff to stack shelves and operate check outs right now to deal with the surge in demand. Farmers are looking for fruit pickers. Some companies are looking for temporary remote workers to cover staff who are unwell.
These are just a few different changes that you might want to implement in your life for the time being in order to protect your finances. Hopefully, the above advice and information will serve as good guidance!