The world of finance — both personal and professional — has reached a new level of unprecedented complication as the coronavirus pandemic challenges what we used to know about money management. As businesses are learning to adapt, so are individuals and families who’ve never experienced this kind of economic uncertainty.
With all that said, the pandemic has forced us to truly reevaluate our spending habits and the tools that we use to save our money.
Surprisingly, the coronavirus pandemic actually provides us with the opportunity to save money and learn to shop smarter.
Searching for Refunds
With many businesses temporarily closed or offering limited services, now is the optimal time to trim your expenses and get rid of those recurring costs. That gym membership you’re paying for but aren’t comfortable going back to yet — you’re likely entitled to a cancellation or a long-term membership pause. This aspect of money management is about standing up for yourself and knowing your financial limits. It may also be worth speaking with your insurers or utility companies for potential cutbacks.
Claiming Benefits & Deferring Payments
In addition to cutting back on your entertainment-based expenses, there are likely multiple grants or benefit packages available for those impacted by economic lulls. Unemployment insurance, support allowances, or statutory sick pay may be resources you’re entitled to — although these bureaucratic systems often come at the price of long wait times and excess amounts of paperwork. For this reason, payday loans have become a popular alternative to traditional lenders.
With the stress and uncertainty that has come on the heels of coronavirus, looming financial pressures can take their toll. With adequate research, you can find a lender who will help you navigate the streamlined process of fast online installment loans with only the basics — skipping the convoluted process that can often come with the bureaucratic protocols typical of traditional lenders.
The goal of these popular routes is to put money in your pocket faster and with more convenience, so you can stay on track and ride the economic wave.
Free is AllAround You
With an abundance of time and limited resources, free is likely to be your new favorite word. Taking advantage of local libraries or exercising outside instead of at an expensive gym keeps money in your pocket — allowing you the freedom to enjoy these resources while you maintain a tight budget. For those looking to expand their academic knowledge or learn new skills, there is a vast amount of remote educational resources that can be taken advantage of at no extra cost.
Embrace the Simpler Pleasures
Before the economic turn, it was easy to distract ourselves with material pleasures and frequent nonessential expenses. As life slows down, it’s important to take note of the splurges that often consume a large portion of our income.
Going out for dinner is a known expense that can inflate your budget exponentially if it’s done too frequently. With more time on our hands than ever before, it’s the perfect opportunity to learn or sharpen your cooking skills. Purchasing groceries is a known money-saver compared to dining out or ordering in. On top of the financial benefits, there are a number of recipes to get excited about — from new, healthy options to classic comfort foods.
Don’t let the coronavirus defeat your financial planning efforts. Hopefully you can apply these tips to make the most of a bad situation and come out ahead.