The economic consequences have been forced to manage your finances during and after the pandemic.
The Covid-19 has put major setbacks on the personal and professional levels. Months of Lockdown, Health fears, loss of jobs, pay cuts, increased workload, increased household expenses, affected industries, Closure of business due to lack of demand and workers.
Undoubtedly the pandemic has affected our finances more or less. And we will have to face this effect in the coming years. Although we are not staying at home, our expenses are not limited.
Many people are saying that they have saved a lot during the lockdown. On a personal level, and what my family feels, is that our expenses increased during the lockdown.
We are a normal Indian family. Everyone stays back at home during the Covid-19 period. This has increased food and electricity expenses. Our Household expenses increased during the lockdown.
As the inflow of money is constraint during this period. The EMI’s, credit card bills, health expenses, other personal expenses have put us out of gear.
I’m sure most of us spend our hard-earned savings. Hence, our financial situation turned unstable.
The money should be spent carefully. It is important to be disciplined and choosy on what to do and what to avoid.
10 Tips to Manage Your Finances During and After Pandemic
A proper strategy should be followed to manage your finances during and after the pandemic. I’m sharing here some effective measures. These tips will help to manage your budgets sensibly.
“The more you save the better it is to weather the storm,”
Rohan Arinaya, Co-founder, Merican Consultants.
1. It is believed that the budget usually changes as per the income. It is important to reevaluate your budget. And this will help to sort of expenses accordingly. Hence, It is advisable to spend money on essential needs. Prioritize your monthly bills. Unessential expenses like luxury items, unnecessary travels, entertainment subscriptions, etc should be foregone.
2. Shopping can put a big dent on your finances.
Hence, it is important to change your shopping habits. Always make a list before shopping. This will prevent overspending.
Compare prices before buying. Try to buy maximum products at minimum rates. Bulk buying will help in this.
3. I know we all are unhappy with the current job. The pay cut and increases in workload to triple fold. But in the current situation, hold on to your job and avoid switching until you get better opportunities.
4. Credit card will be expensive for your pocket.
Delayed payment will hit by a high-interest rate. Also, affect your credit score. Try to clear the due amount. Avoid taking until you achieve financial stability.
5. In case of uncertain income clear the pending EMI’s. Try to control the outflows and don’t add them further. Therefore, avoid taking additional burdens like loans.
6. A luxury holiday can hurt your expenses. Instead, travel locally. In the current period, hotels and resorts are offering good discounts.
7. Investment in health insurance plans will help eases the burden in cases of emergency. For example, look for family health insurance.
8. Investing your savings helps to grow your income.
Try to invest in different forms of assets. Hence, Investments in fixed deposits, SIPs will give good returns in long run.
9. To minimize the losses, most of you planning to sell equities. Avoid selling stocks in a rush. Subsequently, it will stabilize with time.
10. In case of doubts about investment its always advisable to seek advice from a financial advisor. They will curate the plans according to your needs.
Finally, the savings and emergency find to act as a cushion in tough times. I hope these tips to manage your finances during and after the pandemic would give you a broader idea.
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Disclosure: The views expressed in the blog content are independent and unbiased views of solely the blogger. DISCLAIMER: The content in this post is purely meant for educational purpose only and not to be substituted for professional medical advice. One should consult the expert for any related information. Refrences: https://www.ft.com/content/e86cc80b-873f-4753-b6bf-2d9709889126 https://www.cnbc.com/2020/09/28/want-to-be-better-investor-through-the-pandemic-manage-your-emotions.html
This is such an eye opening post. Surely these pointers will help in managing our finances during and post pandemic scenario.
Nice tips. Pandemic has turned everybody’s finances upside down.
Keeping your finances secure is critical, now more than ever. Your tips are so easy to follow. Kudos.
Minimising unnecessary spending was the first thing I did when this pandemic started. You have shared easy and practical tips to save money.
So true! During the pandemic income was low and pay cuts started but since everyone was at home the expenses were high. Your points are good and that was exactly what we were following.
Especially in tough times like these, we have to be very careful with our finances. This was a really interesting post. 🙂
These are good food for thought. indeed, at these times we need to relook at finances, budgets, all expenditures, and indeed finding the best deals and saving and investing – – i know i need to change my approach and make a plan.
These are good tips and I am certainl abiding by most of them. My expenses have gone down actually. Our office travel, then trips, or eating out etc. have gone and in balance home expenses haven’t increased by much. But yes we still need to be cautious with our hard earned money.
This is a great list of how to manage finances but with the amount of websites claiming to make us rich, it is difficult to trust a particular one. We had invested in one and then the website shut down. I mean cannot afford for that to happen again.
True. The pandemic has taken a toll on everything, Our mental wellness, our finances (however I believe it entirely depends on how a family used to spend before COVID) & only planning right can help us survive financial setbacks.
These are some really practical tips to implement in our daily lives! Loved the post 🙂
One thing that the pandemic has taught is the uncertainty and the unpredictability of our times. Financial planning and managing the resources are a very important part to meet these kind of situations. You have listed some really simple and practical things one can incorporate. Keep the good work going mam.
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Indeed a very useful post. The finances have taken a hit during the pandemic. The practical tips you shared are easy to implement.
Financial planning is important in these uncertain times. personally, my expenses have gone much down during the pandemic.
I was actually lucky with my equity stocks. As you said, it stabilized as the months went by and I have a tidy profit.
Financial planning is crucial especially in these difficult times. I loved the simple yet important tips that you’ve shared here.
These are some very simple and useful tips that you have shared. Surely will help many in this pandemic time.
I think all of our finances have taken a hit. This post is suitable enough even for normal times, budgeting is very important.
Quite a nice list list compiled. Yes, cc are no no.
I’d slightly differ on the credit card bit, especially for everyone who pays the complete due in time. I’m more of a reward points person, so credit card is my goto spending option. But thanks for sharing these tips, much needed for the pandemic with rising uncertainties in jobs, economy and everything else.