The novel coronavirus has become a threat to most businesses. Apart from the rapid disease spread and strain of social distancing, we also have to deal with the economic repercussions of this pandemic. Most companies have halted operations or have stopped altogether.
However, this doesn't mean you’ll need to live off your savings while in quarantine. There are plenty of ways to earn money or supplement your income during these uncertain times. Achieve financial security even under quarantine with these easy tips.
Create a budget
If you haven’t already, quarantine is the time to manage your personal finances. Not many employees are privileged to keep consistent income flow while working at home. Some even have lost theirs already.
If so, create a budget plan and adjust your spending accordingly. Only spend on what’s necessary like food, hygiene products, and medicine. Don’t panic buy or hoard either. No one knows how long the pandemic will last, so it’s important to keep track of expenses to avoid going broke.
Set an emergency fund
With social distancing in effect, most sources of spending are currently unavailable. This includes travel, dining out, shopping, and entertainment. As a result, you’ll be able to tuck aside extra money. Use this to set an emergency fund to support yourself and your family during quarantine. Sometimes, the lack of funds is even more deadly than getting sick itself.
Ever since quarantine took effect, more and more people rely on online shopping. Use this to your advantage. If you’re a business owner, you may opt to put your products in a virtual marketplace or your own website. This makes your business more accessible in a time of social distancing.
If your lockdown is putting more time in your hands than usual, you can always be productive - and make a profit out of it, too! If you love to bake, put your goods on sale. Not only are you earning but also improving your skills. On the other hand, if you don’t have the resources, you can always sell items you don’t need anymore. Declutter and find your old clothes or electronics a new home.
Go on side hustles
It’s easier now to pick up extra jobs outside your standard 9-to-5 while in quarantine. Financial security is crucial these days. If you have the time to commit to other work then do so. This provides you with extra income, especially if you lost your job or are currently in a no-work-no-pay situation. Some in-demand skills that are sought after nowadays include tutoring, graphic design, content creation, and social media management.
Check your investments
Since we’re living in a pandemic, it’s inevitable for stock markets to plunge down. Fight the urge to get out, especially for mid- to long-term plans. If you have investments, they’ve probably lost their value for now. However, don’t withdraw all your money. In the long run, the economy and markets still have the potential to get revived. If you can, try to diversify your portfolio. This means purchasing a mix of bonds and stocks since these act inversely.
Speak with a financial advisor
Situations like this global pandemic can cause a lot of stress and anxiety. Similarly, you’ll be concerned about your finances. Consider reaching out to a financial advisor who can help you manage your money and investments. Moreover, he or she can suggest ways to address those concerns and meet your long-term financial goals.
At FWD, talking with a financial advisor is just like any conversation. You don’t even need to do all the work-just call them and they’ll take it from there. If you have questions, list them down so that your advisor can address each one. They may have questions as well for you to help you better plan your future.
There’s no better time than now to reevaluate your plans and prioritize your protections. Check out some of the FWD programs, products and services that are available even in quarantine. You can get in touch with a FWD advisors via phone call, video chat, or e-mail.
It’s normal to get concerned about your finances since the economic repercussions of the pandemic have yet to full unfold. But you step forward with more confidence and security if you have a plan.