It is not news that the pandemic of Covid-19 is an unprecedented crisis. It is leaving a lot of death, sorrow, suffering, anxiety, and sadness in its wake. Not only is it harming people physically, it is harming people economically. While it is always important to keep track of your finances, it is especially imperative during a time of uncertainty. Luckily there are a few things you can do to stay ahead of the problem and do everything you can to take advantage of available resources.
Apply for Benefits
If you have lost your job or have had to stop working because of the Coronavirus, you can apply for benefits. Even if you are a member of the gig economy, there are things you can do to ensure that you don’t get left in the dust when it comes to surplus checks and government subsidies. If you are taking off work, you can apply for the Statutory Sick Pay (SSP), Universal Credit, or Employment and Support Allowance. These types of subsidies are likely much less than what you are used to making, but they can provide a much-needed lifeline during these trying times. Whether you are a hotshot banker or a member of the gig economy, you should apply for the benefits you deserve. After all, you have been paying taxes.
Save Save Save
It may seem obvious, but the best thing you can be doing right now is saving. Whether you are strapped for cash or not, the world is uncertain. There is no reason to be spending frivolously. If you save more and spend less you will be able to have more money at your disposal. Even if you are not struggling currently, we don’t know how long this could go on. If you can’t work or even if you are still working, it is time to save.
Create a Budget
Of course you should have already been creating a budget, but now is really the time to commit to it. You should create a new budget for the current situation. This will help you determine how much you need to cut back and what you can spend during a particular time period. Furthermore, you should be creating a special emergency budget. Putting away money for emergencies should be separate from your savings. This is a particular fund that is used when you weren’t expecting to have to pay for something after an accident or during the time of an emergency. Once you are able to create a budget, sticking to it is the next step.
Check Insurances & Utilities
Now is a great time to check up on things. You should know what your insurance covers and what it doesn’t. It is important to keep track of what you can get back should you need to file a claim. You could also be saving with cheaper insurance. Now is a great time to check up on it to see if you can save some money or broaden coverage.
Another area you should check up on is your utilities. You are likely paying too much for your power according to MoneyPug, which is commonly used as an energy comparison site. If you are paying too much, you should switch suppliers and find one with the best quote. If you can’t pay for your utilities during this time, you should keep track of whether there are any waves on them. You should avoid taking out loans to pay for insurance or utilities. It is not likely that you will need to during this time.
However you look at it, keeping track of your personal finances is crucial during this time. We can do our best to mitigate the impact on our lives by saving money for emergencies and putting funds towards the possibility that we will be out of work longer. If you have been affected by this, you are able to seek the benefits you deserve. It is all about doing what you can. If you do your best to manage your finances and work towards stability during this uncertain time, you will be able to survive this and much, much more.
