How to stay afloat during the pandemic?

The American Labor Department’s June report showed that nearly 18 million Americans were out of work and roughly 30 million Americans are already claiming unemployment benefits. This case exists not only in the United States, but in most countries in the world.

The global outlook is not positive. Even the UN’s International Labor Organization predicts 1.6 billion informal economy workers could suffer “massive damage” to their livelihoods as a result of this pandemic.

You, or a member of your family might have been affected by this current pandemic in any way - less income, reduced pay checks, or worst - job loss. And you are left with one big question in mind - can we still stay afloat at this uncertain time?

We all know that we are in the most unstable economic situation nowadays, our financial lives have turned upside down, and our financial anxiety has never been this high.

To help you in making ends meet and to inspire you to keep going amidst COVID19, here are a few tips.

Pay your bills regularly.

Even before this pandemic, the only thing that is certain in our household is bills. So, prioritize your bills and pay your bills first whenever you received any amount of money. If your income is not enough to pay all the bills for a certain month, save for it. Have an envelope that is dedicated for all your house bills ONLY and don't ever get anything from it. Also, identify which bills can be discarded or stopped like the subscriptions bill. Go for FREE source of entertainment at home. 

Want your bills reduced? Conserve water and energy. Renting a pad? Talk to your landlord or landlady if he or she can give you rental discount. If the owner can't give you discount, find a smaller pad that is still comfortable and practice minimalism. 

Pay your bills on time so you avoid penalties.

Negotiate lower minimum credit card payments.

According to the U.S. Census Bureau, there are over 191 million American adults who own a credit card, a charge card or both. 

Credit card is a must-have not just in the first-world countries but in developing countries, as well as it is one way to manage the finances better. Contrary to how most people portray credit cards, they are not that bad. The benefits of a credit card depend on how the owner uses it. So, if you are finding it hard to earn a living but you can't cut your credit line, negotiate with your bank/provider if they can give you extension and discounts so your credit score will not be affected. If you have more than one credit card. It's time to choose which one is really needed and is the most important in your current financial situation. 

Live within your means.

This means that you should spend less than or at least equal to the amount of money you bring in each month. It's a lot easier said than done for many, but it is possible and feasible. If you are finding it difficult to budget what you have to cover all the expenses inside the household, a budget calculator comes in handy.

Know the difference between needs and wants and before you buy anything, ask yourself “Do i really need this?” Also, never compare yourself with what others have or what others can afford. You are a different person from them, don’t live under the shadow of anyone but you.

Buy in cash, support local, cook at home – these will simply help you avoid spending much daily.

Can you share any other tip to make life a little bit stress-free nowadays?