Do These 5 Tricks to Better Manage Your Finances During COVID-19

Do These 5 Tricks to Better Manage Your Finances During COVID-19

One of the few golden realizations that COVID-19 brought to millions of people; is just how critical it is to be financially literate and secure in times of crisis. The pandemic opened people’s minds to the volatility of the global economy since even the wealthiest countries showed signs of financial weakness.

Additionally, people began to frantically save money and find ways to hustle for some extra cash; by doing side jobs or investing in a small business. The doomsday feeling that the crisis brought made a lot of once-happy-go-lucky folks become financially-conscious individuals almost overnight.

If you’re among the millions of Americans; who became more financially aware of the value of saving up for a rainy day. And still, wish to learn more about managing your finances; here are five ideas you need to remember. Do these tricks to better manage your finances during COVID-19.

Make a small, low-risk investment

If you want to earn extra money rather passively, you should entertain the idea of making a low-risk investment in the stock market, cryptocurrency, or anything that only requires investing a certain amount for a corresponding profit.

Among the resilient passive investments during COVID-19 proved to be Bitcoin, which etched some record-high numbers throughout the pandemic. You could also bank on certain stocks such as; those of Amazon, PayPal, Electronic Arts (EA), Home Depot, and Alphabet, Google’s parent company. If you’re unsure about how to proceed with your stock market exploit; just consult with a licensed stockbroker to get you up to speed.

Consider availing of federal aids and loans

The federal government has made several efforts; to help pandemic-hit Americans get back on their feet in the wake of the pandemic’s rampage. Among such efforts were the CARES Act and the Coronavirus Preparedness and Response Supplemental Appropriations Act. These federal aids; helped students, businesses and individuals in securing cash to tide them over the financial woes that the crisis brought.

If you happen to experience any form of disability during the pandemic, you should apply for disability benefits through a social security disability claim application. There are service providers who can assist you with the whole application process for a minimal fee. So, you should consider getting them to help you stake a successful disability claim.

Start a small business using your talent

If you have a skill set; that you think to be good enough to offer to people online; then you should go for it soon. For example, you can provide content writing and editing services to students and professionals who need help with such tasks. If you can bake desserts or prepare meals-to-go; then, perhaps a food truck or online food store is perfect for you.

The idea is to use whatever practical skills you have and turn it into a small business; that you can offer without taking too much of your time or compromising your main source of income. Just consider it as polishing your skills while getting paid for doing them.

Build up a contingency fund gradually

One of the best things you can do to secure your financial stability throughout the pandemic; is to slowly save up and designate your savings as contingency money.

You only have to keep in mind how thousands of workers showed up at work; only to be told that they were being laid off. It’s very likely that some or many of those workers didn’t see such a thing coming; they hardly have savings in place to tide them over in such a situation.

If you have a family to support, being out of work and out of money is never an option; in fact, not even something you should imagine. As such, be sure to gradually allocate a portion of your monthly income to your contingency piggy bank. So, you’ll have some hard cash waiting if anything goes wrong with your current employment.

Sell everything you’re not using anymore

If you have managed to amass virtually an entire flea market’s worth of items; that are only gathering dust in your storage room; it’s time to de-clutter your home and just dispose of those non-performing assets. All you need is: open your garage and do a weekend garage sale, or snap photos of your items and post them for sale online.

This will help you free up space in your home and turn your idle properties into cash that you can use for your essential needs.

Surely, COVID-19’s effects can be impossible to stop, but the impacts it can cause you can be perfectly minimized if you know what to do. With these ideas, you’ll have a better chance of managing your finances well until this crisis is over and even beyond it.