How to Keep Our Financials Stable in a Pandemic

How to Keep Our Financials Stable in a Pandemic

Alas, the rainy day that we have been preparing for a long time has come and we are not sure until when will it last. In these uncertain times, insecurity can easily creep in. Watching the news isn’t helping either as it just brings more anxiety – there seemed to be more bad news than good ones. My first advice is, turn off that TV, darling. Look around you and see what you can be thankful for.

I quitted my job so I can launch my travel business which came to a halt because of the virus. It’s only been a month’s delay but the future looks dire in this industry. I can’t just keep on waiting and hope that everything will go back to normal.

Because it is never going to be unless someone discovers the vaccine. What did Bill Gates say? It will only be ready in a year or two. He may be telling the truth or not, but a year? That would be insane. How can we survive? The government funds and relief goods can’t last that long.

How can we stretch the remaining money that we have? Here are a few tips on how to keep ourselves financially stable.

Keep your sanity in check.

Most importantly is to take care of yourself. Understand that what is happening is not your fault and is beyond your control. Be level-headed because a lot of things from now on will require a sound decision from you. That’s what you have to be making – a rational decision to survive.

If you can, minimize your use of social media too. I check my social media twice a day now: in the morning and in the afternoon. If there is too much toxicity, click unfollow.

Talk to someone you trust or write your feelings in your journal. This is the way to disentangle your emotions. Have a good sleep, eat a balanced diet, and exercise. And again, avoid the news for a while.

Check your bills.

See which ones can be delayed. Stop your subscription to non-essential things, and pay what needs to be paid online to avoid further bank interest. I just paid my entire credit card bill and so, from now on, I am keeping that card out of reach. This is not the time to purchase our wants – just the necessities.

Photo by Michael Longmire on Unsplash

Secure your assets.

Get your ledge and check your current assets. Make sure that you are not losing any more money. That includes your cash on hand, your house that is not on the mortgage, your fully-paid car, and insurance. If you have a retirement fund, better switch it to conservative or fixed funds. If you are renting out a house, make sure you are not incurring any further expenses. Is your insurance still valid in case you need to make any claims? If you have a garden, make use of it by planting fruits and vegetables.   

List your skills and explore how you can earn from them.

On a piece of paper, list the skills that you have and see which ones you can earn from. If you are great at building websites, maybe you can offer your services to businesses that require one. If you have completed a TEFL course, you may consider teaching English online. It may not be your main source of income, but a little cash here and there can go a long way.

Or make use of this time to learn new skills and discover your new passion. If you are looking for ways on how to earn using your passion, check out our Passion Hustle course that’s free accessible on Facebook.

Think about the essential expenses in the coming months. Can your passion hustles cover these expenses?

I will have to hold off the travel business for now because a serious change has to happen before people start to travel again. Meanwhile, I shall carry on pursuing my other businesses. When one door closes, you don’t focus on that one closed door alone. Focus on the other window of opportunities or better yet, create other portals.

Join online communities.

Whether we like it or not, this is the new norm for being social. We need to reach out more than ever to families and friends. It is a good idea to send a quick hi or hello to them. Remember that others may not be as strong as you so offer helpful advice on how to get through this pandemic. Perhaps you can collaborate with people in your community. You can learn and grow together. Also, you can gather funds to help the front liners.

I kept my online membership in Toastmasters where we would meet weekly to practice our leadership skills. We also recently launch 8Letters Discourse where we aim to hone our writing skills.

This may not sound easy but we have to brace ourselves for what is yet to come. We have to remain positive, but be prepared for the worst.

On the bright side, looking at previous recessions, although people lost their jobs, it was also the perfect opportunity to discover something new that will make this world a better place. Necessity is the mother of invention and time has proven it again and again.

What this struggle is teaching us is that we’ve been doing isn’t working anymore and it’s time to innovate new things, new procedures, and new systems.  

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