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How to manage your finance during COVID-19

Since the year 2020 has started, it’s been proven as a curse for people around the world. The pandemic coronavirus is not only the cause behind damaging life but it is also creating a global economic breakdown. The COVID-19 virus is already a reason for the deaths of many people and the lockdown due to COVID-19 is messing up the wealth and world economy.

The consequences of pandemic disease coronavirus outbreak are causing a health crisis worldwide which is affecting our daily lives. COVID-19 is resulting in current issues of our everyday routine including excessive expenses, losing jobs, economic and social crises, health disaster due to, and increasing COVID-19 positive cases and mental health issues due to overthinking, stress, tensions, isolation or fear of losing a job or already lost, and loss of study.

The economic downturn and losing jobs is ultimately the root of mental health problems that are reaching at an extreme level of depression. The speed and number of COVID-19 positive patients are rising day by day. If we conclude the COVID-19 and post lockdown impacts on our everyday lives, we are running out of finance.

Before lockdown we all were spending our money more than we actually require, we are required to find multiple sources of income, and more investment for the future. However, the lockdown due to COVID-19 is being a reason for losing jobs, salary cut-offs, more expenses on essential services including food and medicines, and economic downfall every day.

We can still support economic recovery and lower the risks of the financial breakdown of the market through controlling and managing our finances. After the negative impacts of the COVID-19 outbreak an individual is not able to pay rents, bills, or meet the mortgage, a few techniques that will manage and raise your finances are:

  1. Analyze your daily, weekly, and monthly expenses: Try to control your unnecessary expenses. You need to align your extra expenses from your essential needs and simplify your lifestyle. The analysis and the control over your expenses will help you out to increase your budget.

  2. Invest in long-term finance beneficial schemes: If you’re lost your job during COVID-19 and lockdown, you must require improving your skills. If you’re having a good saving amount then you need to invest a small amount of your savings in buying a laptop, internet or data connection, and an online course that could be either free or paid. Improving skills will increase your future job prospects and make you capable to get your job back.

  3. Create diverse sources of income: Depending upon a single income source may lead you to a loss one day like many of us have lost our jobs in lockdown and ultimately it will lead you to face financial crises. Learn, improve your skills, and find more opportunities for earnings.

  4. Start investing your money in financial schemes: Financial schemes run by the government or non-governmental but reliable bodies are another way to increase your finances. Start studying the stock market, mutual funds, life insurances, Demat-accounts, and trading, etc. Initially, you can start by investing a small amount.

  5. Invest in buying property: If you’re keeping a good amount of money or savings, investing it in buying properties such as lands or flats will unexpectedly help you in need.

Since COVID-19 is being a reason for washing out incomes coming, losing employment, major salary deductions, and unwelcome expenses on essential services including food and medicines, and economic downfall every day, everyone from us has got a lesson that financial management is extremely important.

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