5 Ways To Manage Your Finances During Lockdown
Coronavirus has taken over our news and our planet at the moment, with country after country shutting down and standing still. A virus doesn’t move, but we do, which means that the more we travel and commute, the harder it becomes to control it. The spread of coronavirus has become a pandemic that has developed into a deadly situation for many people. Initially, the virus was considered a pandemic and a public health hazard. Now we are all locking down one by one to prevent a further spread.
Our senior citizens are locked down with no social contact for up to twelve weeks, and that alone is causing a massive panic among the senior community. People are missing their loved ones and feeling isolated, but this is a community that is wondering will senior citizens get stimulus checks, or will they have to cope on a meager income? The worry is causing a huge panic, and as loved ones aren’t allowed to visit, it becomes increasingly challenging to feel positive about the situation. The good news is that money can be managed, and with the five tips below, you can make sure that your finances and that of your elderly relatives are safe!
Check Out Your Emergency Funds
This is where you look at all the ways you were squirreling money away, and you dip into it. It’s not a bad thing to need to use your own money, so why not check the savings, bonds, digital wallets, tips, and more. You are bound to have some money saved for your future, and you can absolutely get into that and start using it.
Be Careful With Debt
It’s tempting in such an unprecedented situation to lean on your credit cards to get by. Where you can, try to avoid it. You want to be able to come out of this situation with your money in your pocket, not owing to five different financial services. Avoid using credit lines at all costs to protect your money.
Don’t Panic Buy
It’s tempting to rush out and buy a load of toilet rolls (and people have). Unfortunately, not everyone has the luxury of being able to do that, and many seniors purchase week to week. The best thing to do is shop as generally as you can and stick to what you usually do.
If you can tap into remortgaging the house, do it. You don’t have to remortgage the amount the home is worth entirely, but you can tap into some of your investments in an emergency, and this is the time to do it – especially if you are waiting on a stimulus check!
If you can work from home and have the chance to do it, you should consider earning from home. Tap into another income stream when your usual job is furloughed, and you can manage your money just fine with a cushion to help you to stay afloat. It’s all important to keep you stable.