Money Matters: 5 Tips On How To Manage Your Finances in the Time of Covid-19

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The Covid-19 pandemic may have taken its toll not only on your personal well-being but your finances, but this does not mean you should give up and lose hope altogether. With frugal living and budget-savvy skills, there is no way you cannot tide this over until things get back to normal or, atleast, to the semblance of normalcy you used to enjoy before the virus hit.

Here are top 5 ways on how you can be manage your finances even in this most difficult of times:

Re-examine your family budget

Now is the best time to scrutinize your family budget and cut back on those expenses that aren’t as important. Why not scrimp on online shopping during sale and promos, and putting your money into something else, instead? Or maybe, instead of alloting funds for a weekend takeaway from your favorite restaurant, you can have a picnic at home or make it a teachable moment for the kids and have them help in the kitchen to prepare their favorite meals and dishes or participate in a family cook-off. This will not only save you a substantial amount of money, it will also prove to be a great bonding activity for the whole family.

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Photo by Kelly Sikkema on Unsplash

Build up your personal savings

Even when you are struggling financially, building up your savings is still one of the soundest financial decision you can make in this time of crisis. Making sure you have enough extra funds in case of emergency will give you an additional layer of security, not to mention peace of mind that whatever happens to, you are still going to financially manage in this hardest of times. Living frugally and skipping on those otherwise unnecessary expenses will work wonders in saving up for your emergency funds and other savings you are currently trying to build.

Invest on insurance

Even when you are financially hard up, you may want to think twice before deciding against that Property insurance philippines or letting go of that health insurance you have always been eyeing to get for yourself and your family. Given the uncertainty of the situation today, it is but a wise decision to keep you and your family, as well as your properties, protected.

Take advantage of low interest rates and easy-on-the-budget payment schemes

To help tide you over in this time of crisis, you may want to take advantage of low interest rates offered by companies and banks to help you budget your payment for your home or your car loan. Also, take note of easy-payment schemes offered by utility providers so you might be able to stretch your budget and pay your bills or your rent without going into debt.

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Photo by Fabian Blank on Unsplash

Use online apps to help you manage your finances

One of the many wonders of the modern age is the proliferation of mobile apps to help you in whatever purpose you may require. As everyone is gearing towards utilizing online technology for work-from-home and online schooling opportunities, you might as well take advantage of available tools online to help you manage your finances better. Payment platforms now offer convenient ways to pay your bills online. Some even offer rebates for every payment you make, giving you more value for your hard-earned money.

Times may be tough now financially, but if you follow some of the tips mentioned above, there is no way you cannot ride this wave out and succeed.

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