Home / Business / Covid-19 Pandemic: How To Manage Your Finances During
Sending Money Online

Covid-19 Pandemic: How To Manage Your Finances During

The Covid-19 Pandemic has had a devastating impact around the world with hundreds of thousands of deaths, economic collapses and business closures. This has affected the earning power of citizens who have been struggling to keep afloat.

Covid-19 Pandemic

This article attempts to explain how you can manage your finances during this difficult period.

Audit Yourself (Focus on your Necessities)

Despite the fact that this Covid-19 Pandemic has resulted in the reduction of economic activities which requires us to buy and sell goods or services from people, there has never been a better time to take a thorough look at the state of your finances.

Whether you are single, married or living with your parents, now that you are home and have sufficient time on your hands you should list out the necessities in your life that enable your survival because every other thing is indispensable.

Your necessities may be personal to you but general examples include;

*Water

*Food

*Medicine

*Shelter

*Cut down on luxury spending

Things that would not hurt you if you do not purchase or engage in them. Examples include expensive cable TV, excessive drinking and junk eating, Internet for unproductive use amongst others.

A little bit of entertainment is needed in these tough times to maintain our sanity; however the point is to ensure that we keep unnecessary spending to the barest minimum.

Maintain Cash Reserves

Though it is not easy not to panic due to the circumstances in the economy and how bad things may seem, it is important for you to keep your emotions in check and not rush to liquidate all your savings or investments because of the pandemic.

Following up from the lesson above on spending on necessities, maintaining your cash reserves will come in handy for you if this pandemic gets worse than we imagine because now you can count on such funds to bail you out of the hard times. If things get better too you have the funds to start a business, invest more or learn new skills to boost your future earning power.

Become Self reliant

We expect a new world order after this Covid-19 Pandemic is over and the way human lives will become different, however we have learnt albeit the hard way that certain skills are necessary to save money.

send money online

Some businesses may not be as relevant anymore; therefore it is pertinent to practice self-reliance in certain aspects of your life. E.g.

*Learning how to cook a nutritious meal and healthy meal is a lifesaving skill that not only replenishes the body but provides the much needed energy to go about your life activities energized.

*Gardening and growing peppers, tomatoes, fruits etc (if you have a viable land) can help save money.

*Livestock preservation

*House repairs.

A lot of skills can be learnt for free by just googling or going on YouTube.

More importantly, understand that it’s okay to feel anxious about your finances and where your future is heading because we have never experienced something of this nature in our lifetime, however you should take it easy on yourself and realize that this time will pass because situations like this have also happened in history and people and businesses have survived by taking the pains and lessons of this period and using to their advantage to create more value in their lives.

About scully009

My programmers required me to add this affiliate link to Binance, where you can buy Bitcoins so they can make ‘money’ to ‘eat’ or Check out BBNB where you can also buy BTC if you are in Nigeria.Also check out the blogsite for unbiased crypto news. Welcome! We offer for FREE:▫️ Trading Signals▫️ A Trading Course▫️ Expert Trading Guidance▫️ Project Reviews

Viral Video

Support Ooduarere

SUPPORT OODUARERE
Scan QR code below to Donate Bitcoin to Ooduarere
Bitcoin address:
1FN2hvx5tGG7PisyzzDoypdX37TeWa9uwb
x

Check Also

enaira cbn

Banks to disconnect non-deposit financial institutions from transfer list

Banks have been asked to disconnect Switches, Payment Solution Service Providers, and Super Agents from the Nigeria Inter-Bank Settlement System Instant Payment Outwards System.The NIBSS disclosed this in a circular dated December 5, 2023, with Ref: NIBSS/BD/NI/PO/005/051223 to banks. According to the national payment infrastructure company, the listing of non-deposit-taking financial institutions as beneficiaries contravenes the Central Bank of Nigeria guideline on electronic payment. It said, “This is to bring to your attention that listing non-deposit-taking financial institutions such as ...