It’s been 2 years since the pandemic first hit and because of governments’ efforts, the pandemic has been mostly contained, but that hasn’t been the case for the pandemic’s economic impacts. Many people are still struggling financially from the pandemic, and many small businesses are still struggling, too. In this article, we’ll explore some of the financial impacts COVID-19 has had on people’s lives and small businesses. We’ll also explore some post covid financial tips that you can use to get through
1) Save for a rainy day
It’s always a good idea to have some money saved up for emergencies, and this is especially true now as we face an uncertain future. Try to have at least 3-6 months of living expenses saved so that you can weather any storms that come your way. Keep in mind that any savings may be vulnerable during the pandemic if there are bank closures or bank holidays, but they will protect you from the worst. If you want to save more than 6 months’ worth of income, you should consider opening a high-yield checking account or putting it into CD accounts that offer higher interest rates.
2) Know where your money Is going
The first step to getting your finances in order is to know where your money is going. Track your spending for a month or two so you can see where you can cut back. Look for ways to save on your monthly expenses, such as negotiating a lower rate with your cable company. If there are recurring fees that you don’t use or need, consider canceling them – it could end up saving you more than $1,000 per year. Paying off credit card debt should be your next priority. Get your debt down to less than half of what you earn each month and start paying off the card with the highest interest rate first.
3) Get out of debt
To get your finances in order after the pandemic, it is important to start by getting out of debt. This may seem like a daunting task, but there are steps you can take to make it more manageable. First, take a look at your budget and see where you can cut back on expenses. Then, create a plan to pay off your debts, starting with the ones with the highest interest rates. You may also want to consider consolidating your debts into one loan with a lower interest rate.
4) Invest In Yourself
The pandemic has been a tough time for everyone, and it’s important to remember to invest in yourself. Taking care of your physical and mental health should be your top priority. If you’re able to, set aside some money each month to save up for a rainy day fund. And lastly, don’t forget to factor in some fun. Make plans with friends and family or even just take the time to do something for yourself! Be sure to visit our blog for more information on how we can help you prepare now so that when the worst happens, you are as ready as possible.
5) Avoid financial vices
The coronavirus pandemic has taken a toll on many people’s finances. If you find yourself in a tough spot financially, avoid making things worse by falling into common traps. For example, resist the urge to use your credit card to make impulse purchases or take out cash advances, which can come with high fees. Try to stay disciplined with your spending and focus on paying down debt.
The coronavirus pandemic has wreaked havoc on the global economy, with businesses shutting down and people losing their jobs. If you’re struggling financially, here are five tips to help you get back on your feet. Remember, if things get tough, there’s always someone out there who can offer advice. Whether it’s a friend or family member or someone from an organization like United Way, know that there is always someone willing to listen and help if you ask for it.