Covid-19 has affected everyone and there are a lot of problems that 2020 brought us. The pandemic has affected the global market and its impact can be seen in our everyday lives. There are a lot of people who recently lost their jobs and need new ways to earn an income to sustain their lives. While it can be difficult at first, there are actually a lot of ways you can do to get your finances back on track this year.
1. Start With The Money You Already Have
There is no other good place to start getting back on track then using the resources you currently have right now. With careful planning and proper moderation of funds, you don’t have to worry too much about your financial life going awry.
Emergency Funds
If you’re one of the smart people who prepared for unforeseeable events such as this, then you already have your emergency funds. Usually, people are setting aside a portion of their salaries or income to save at least the 3-month equivalent of their incomes. It’s a way to ensure that you still have money even if things go wrong. The gov.co.uk have released a budgeting guide to help you During the pandemic, it’s okay to get a little money from your emergency funds for your daily spendings.
Save Money
If you don’t have an emergency fund yet, it’s not too late to start. Don’t buy new things yet and save as much as you can until you reach your goal. Other people save up to 6 months’ worth of their salaries to be extra secure.
There are different formulas in saving, such as the famous 50/30/20 rule that states you should spend 50% of your income for necessities, 30% on the things you want, and 20% should go to savings. Of course, this is not applicable to everyone so you should create your formula.
2. Raise Funds For Necessities
There may come a time that saving will not be enough. This is especially true if you did not have time to prepare for the global market to go wrong so quickly. In this case, you have to find other ways to raise funds quickly.
Cash Aids
There are a lot of non-profit organisations that are offering a little money to people whose lives are in danger during the pandemic. You can search for these institutions and check if you qualify in their programs. Your local government may also be offering cash assistance especially to people who are affected by COVID-19’s impact on the economy.
Loan Money
While a lot of people are afraid of loans because it might affect their credit, doing it can actually save you this pandemic. If you do not qualify for any cash aids, then you can loan money to help you with your necessities. Nowloan has a lot of different options for you to choose from. We offer different types of loans that can help you get back on your track financially this 2020.
3. Increase Cash Inflow
As long as you have enough emergency funds, don’t be afraid to risk your extra money to increase your cash inflow. There are several ways to earn more income in the modern era, and you can use technology to your advantage.
Side Hustle
If you recently lost your job or you feel like you need to work more to earn enough, you can do freelancing jobs so that you can pay back your loans immediately or save more money for future use. There are a lot of companies who are switching from regular employees to freelancers who work from home and this can be a big opportunity for you.
Startup Online Business
There are already a lot of people in the online market but it’s never too late to start your own business. While the world is in lockdown, a lot of people have flocked to the internet to buy the things they want. With just a small amount of money, you can build your online shop and start generating income. If you don’t have enough capital, you can always loan from Nowloan and pay it back as soon as you get enough money.
Final Thoughts
While it’s easy to be anxious about your finances, it will not do you much good in the long run. You have to think fast on your feet and design a plan that will save you from the economic disaster brought by the pandemic. The world is quickly changing and the best thing you can do is to make sure that you can get back on your financial track as soon as possible.
