Financial Tips for Managing During Covid-19

Many people are experiencing financial issues right now as a result of the Coronavirus pandemic.

12:37 27 May 2020

Many people have either lost their job or are earning much less, and this can be a huge issue and a tremendous amount of stress, which of course is added to what is already a stressful and worrying time for everyone. Additionally, not everyone has savings to see them over or might find that their savings will not last. Still, the good news is that there are a few handy financial tips for this time which will hopefully help you to manage until things start to return to normal.

• Determine What Support Is Available

If you have not already, the first step is to find out what support is available to you as there is financial support available for employees and the self-employed which will make a big difference to your situation during the lockdown. You could then use the other tips listed here on top of this to manage and tide yourself over until the lockdown ends and things start to go back to normal.

• Go Through Every Regular Expense

You should then sit down and create a list of every regular expense that you have. With each item, ask yourself whether it is needed right now and if so if there are any ways that you could make savings. There are some expenses which are not necessary right now, such as a gym membership, which could free up cash and then with other purchases you could make savings by shopping at a different supermarket or online.

• Find Free Food & Drink

Aside from rent/mortgage payments, the most significant financial worry that people tend to have during this situation is food (especially if you have a family to provide for). The good news is it is possible to find free food and drink at the moment which can make a massive difference to your financial situation and ensures that you are eating well - you can find out more how to get free food and drink by clicking here. You may be surprised at what is available when you know where to look.

• Earn Money Online

There are all kinds of ways that you can make money online in today’s day and age, which is perfect if you are stuck at home with nothing to do during the lockdown. Even if you are working from home, you could earn extra cash in your spare time, and the flexibility means that you can take on as much or as little as you’d like and work at a time to suit you.

• Sell Items Online

Another smart way to raise money during this time is to declutter the home and sell anything that you no longer want or need. This is a great way to free up space in the home, plus you can earn a decent amount for selling furniture, clothes, DVDs and anything else - just be sure to use a platform that has a system in place so that social distancing can be maintained at all times.

Hopefully, these tips will help you to manage financially during this difficult period and be in a positive place when things start to return to normal.