Sadly, the first half of 2020 has been cruel to most of us. Since the beginning of the year, we have dealt with several calamities. Currently, we cannot help but worry about our future as the coronavirus is continuously spreading not just in our country but throughout the globe. Hence, COVID-19 is not only a threat to our health but also to our current financial status.
Due to the coronavirus, most workers were forced to stay at home. Some of them are lucky and granted paid vacation/sick leaves, while others work in the comforts of their home. But of course, there are still unfortunate ones who lost their jobs as some establishments have no choice but to close their businesses. These heartbreaking circumstances are just a few major financial concerns everyone deals with today. So, to help you a little, here are some tips and reminders to keep your financial health intact.
1. Evaluate Your Current Income or Financial Status
How does coronavirus affect your current financial situation? Are you a lucky one, and your job isn’t painstakingly affected by COVID-19? Or, despite being unable to work, did you have other means of generating income even before the pandemic started? Can you still support yourself and your loved ones? Understanding your financial status will help you develop more ideas for improving your situation. It’s tough to accept the new standard, but looking at the other side, this can be the start of something new for you.
Vidalia Lending Corp. offers several kinds of online loans for your immediate cash needs, especially during the pandemic. If you are thinking of starting something to generate extra income and need a little cash support, visit our loan page today!
2. Boost Your Emergency Fund
Nowadays, having an emergency fund is a must. After creating a successful way to generate more income, fight the urge to use it for online shopping and other unnecessary expenditures. Save at least a hundred pesos a day, or save even more if you really want to beef up your piggy bank. You’ll never know how much it can significantly help you in times of emergency because you’ll never really know when it will come.
3. Reconsider Cutting Your Expenses
Think twice about your spending habits regarding digital subscriptions, electricity, and internet consumption. You might not exactly notice or even care about the money you spent on these things before, but this time, you should. We are spending too much on entertainment, more than we know. It’s time to reconsider and reevaluate what are the things that make you happy because it will surely save you some valuable time and money. It will not only be economically healthy, but it can also encourage some productivity in you.
4. Avoid Panic Buying
Empty supermarkets are not new anymore. When people realized that COVID-19 was not a joke, everyone flocked to the supermarkets to buy all the “essentials” they needed. This wasn’t a bad idea. However, people could be better if they do not panic and think about the consequences of their actions in terms of both personal finance and social responsibility. Remember to consider your current financial standing before you overbuy things. Uncertainties are over, and you will never know what will happen next. Yes, the current situation can be upsetting and stressful but do not buy too much and be aware of what you should prioritize. You must still have enough cash for emergency purposes.
5. Be Kind to Yourself
Thinking about your financial status can affect your mental health. Remember that although making and saving money is necessary, spare some time for yourself. Take a deep breath. Do not overthink and panic because this, too, shall pass. Being constantly harsh on yourself will only pressure you, and it might lead you to poor financial decisions. No one knows when this will end, but we will surely get through this. Sit back, relax, reason, and come up with the best and the wisest financial decision for now. Take one step at a time and focus on what’s truly important: your overall health and the health of the people you love and care about.
During these trying times, you might often think you are alone. We want to remind you that Vidalia Lending Corp. will always be here to help you. Whatever your financial hurdles, our online loans are just one click away. Download our mobile app or click this link to apply.