In May 2020, reports showed that more or less 30 million people from the United States had lost their jobs due to pandemic. 30% of the 10 million Americans who categorized themselves as temporarily unemployed never get their job back.
This scene is not happening in the US only but most of the countries around the globe. Many governments are doing their best to help people with their finances but the fact still remains – it’s hard to get a normal life during or even after this pandemic and managing our finances became even harder during these times.
Are you one of those who had experienced reduced pay, job loss, or you’ve had to close the doors of your small business because of the impacts of the virus? Or are you wondering nowadays where your next paycheck will come from?
For a lot of people, what they have in their bank account is all that they have – just enough money to spend in the next two weeks, or even less. It sounds sad, but it’s reality.
How can you conserve the money that you do have now regardless of how much it is? Here are a few tips:
Compute, do the MATH
Don’t let anxiety get the best of you. Do the math: based on your current expenses, how long will your emergency fund and/or savings last you?
Write down your expenses per week on a spreadsheet and add them up. Compare your total expenses versus the money you have saved, along with how much money you expect to receive if any.
Make a timeframe on how long this savings would last, then proceed to the second tip.
Cut costs ASAP
Based on your timeframe, try and lengthen it as much as possible by cutting some of the expenses, immediately. Make a list of your current expenses, and identify which of them you can get rid of ASAP.
Some of the things that you can cut are the cable bill and subscriptions you don’t need. Also give considerations to costs that may already be cut such as commuting to work, eating out, weekend entertainment, and travel.
In this current pandemic, everything else should be cut and your money must be spent only on the essentials such as food, water, shelter, health needs, family needs, and important bills.
Find ways to increase your income
While the pandemic has limited some ways to increase your income, there are actually ways you can earn more. In fact, there is no limit to how much you can make.
Given that you have the time, energy and health, you can work a side hustle that is still allowed and safe in your city. Delivery service is one of the best side hustle options. You can earn money on your own schedule by using services to deliver take-out orders in your local area. Better if you can start your own delivery service.
These are only some of the ways to survive this pandemic. If you want a more comprehensive tool to help you manage your personal finances nowadays, you should check out this online calculator called Pigly.
This is a very helpful website for everyone especially now that people are having a hard time trying to make ends meet. Pigly can help you with your everyday living and expenses or spending and it will teach you how to save even though the earning is very limited at this moment. Also, helpful tools on how to avail insurances in this trying time and more financial tips and calculators are featured on the site.