The current Corona Virus situation have badly impacted businesses, professionals and many other sectors like healthcare, IT, banks etc. This impact is not only slowing down the new employment opportunities but also resulting in job loss, furloughs delaying income. People are insecure about their jobs, they are scared about the future with job loss looming on their mind.

‘Money security’ is important factor due to uncertainty and dicey future. No one is sure when market and economy will  recover. Here are a few recommendation to help you prepare financially during this COVID-19 situation.

Review and Plan a budget:

This is the time to take a good look at  money available with you, your spending habits/pattern and eliminate all the unnecessary expenses,  As most of us are now trying to reduce on many discretionary expenses like shopping cloth / accessories / electronics, food takeouts etc. due to the lock-down or restrictions on going out. Take it as a lesson to learn or as an opportunity to cut down on all such expenses.

Also, find out the expenses which you can postpone or cut down for the short period of time like online shopping, cleaning services, cable (review how much you are paying and if you are really using all of it) or entertainment services, books or other regular subscriptions, etc.  Make a list of necessary expenses like groceries, EMIs, utilities, insurance payments and allocate a new budget to these expenses.

Check your Emergency Fund:

Take a look at your emergency fund/surplus you have in your bank. Check and find out how many months you can survive with new budget if you are without income for next few months or if you get impacted with job loss.

If you do not  have any emergency fund or enough savings, then you need to prioritize your needs. Try to lower down or defer your EMIs, switch to low rate  internet/phone plans etc. Try to stick to the basics like food and housing expenses and cut down on expenses which are not crucial for you and your family members to survive.

Check your EMIs and Credit Card payments:

Check your various EMIs, credit card payments. If you can afford to pay your EMIs then you can continue with it, though for credit cards try to pay ‘minimum amount due’ for next few months. Check with your loan/credit card providers if they are offering any relief plans etc. due to current pandemic. If you have different loans/ various credit cards then try to give a serious thought to debt consolidation plan (we can help you plan this) by consulting an advisor.

Keep looking for New Job opportunities:

Current pandemic have a hard hit on job market but there are still few sectors and professions which have low impact of this situation. Keep look for such opportunities or hirings, even for temporary jobs if it’s applicable to your field.

Also, be flexible in accepting any job or skill. Consider it as a chance to learn new skill. Try to grow your network through LinkedIn, reach out to your old colleagues, professional contacts, friends and ask them if they know or have any job opportunity.

Look for an alternative income sources:

Try to use the time available now to find out side gigs or alternate income sources. Explore something related to your own interest, current profession / job or skill like freelancing, blogging, content creator, online teaching etc.

Stay Safe – Stay Healthy!