It’s been a tough year for most people. The coronavirus pandemic is continuing to threaten jobs and business prospects going forward. This is especially the case if you’re in the hospitality sector or in the travel industry, but so many have ended up having to cut hours or losing their jobs entirely as they’ve been made redundant. If your life has taken a hard financial turn, there are things you can do which can help. These tips can help you get started. Always remember to use all advice carefully, and apply it to your own financial situation after weighing up the pro’s and cons. Afterall, every person’s situation is different and what works for one, won’t for the other. Good luck!
Assess Your Financial Situation
You can’t decide to start making decisions which can affect your financial life before you know exactly where you are at with your finances. Even though Covid might have messed with a lot in life, which you can read more on from Cynthia Telles, you need to sit down, draw up your income and outgoings and work out exactly where you are. You’ll see how you’re spending more than you make and where you need to cut down. This is the best thing you can do and you need to be honest with your spending habits. If you and your partner share money then do it together. Make sure it’s all included.
Get Rid Of A Car
Maybe you’re working from home a lot now. Most people who were designated as office workers currently are working from home and might be for the extended future. You might be able to get rid of a car if you have two. You’ll save a lot of money. Maybe you’re still making monthly payments on it but even if you aren’t, the money you’ll save on gas, ware and tare, etc. will leave you better off each month for sure. It might seem like a strange thing to do, but if you need some spare cash in a pinch this could really help, but only if you know you won’t buy another one in the immediate future.
If you’ve got another method of making cash, you might just be able to ride out any downturn in income. These can come in all shapes and sizes. For a start you might just be able to run as an Uber, or maybe you can tutor students in a subject you know very well. You could do some freelance writing or sports coaching. The possibilities are endless however they may not be right under your nose. You might have to think outside the box to get to them. Most people will have some kind of skill they can monetize. It just might need a bit of effort from your part to get there. If you really can’t think of anything, then maybe you could think about a second job on a part time basis. At least for the short term to give your accounts a boost.