During this covid 19 pandemic, the vast majority of people are currently living in complete uncertainty and their finances are paying the price. Due to the covid 19 pandemic, many have lost their job either temporarily or permanently, meanwhile others just don’t know what awaits them. Therefore, if you are a part of the vast majority whose finances have taken a hard hit, and still want to make ends meet after the pandemic, you’ll want to read this.
We have very little control over what is going on in the world right now, over our futures, our
incomes, and how it will all pan out. However, we do have control over how the choices we
make right now.
Balancing your budget is an action you can take now, that can give you a sense of control during the pandemic. Here are 3 ways to help you make ends meet post-covid 19 pandemic.
1: Focus on the present
Figure out where you are at right here right now. Ask yourself how much money you have in
your accounts, including checking and savings. How much debt you have. Don’t forget things
like your mortgage, RRPS, car loans, etc. And take into account how much you spend on your
fixed expenses: utilities, phone, rent, internet, cable, etc.
Write everything down and take a breath. It’s time to take a real look at your situation.
2: Look towards the future post-covid 19
Look at the short-term future. You need to figure out the minimum amount you are likely to be
getting. Over the next few weeks, what can you expect as a source of income? Will you
employer continue to pay you, or will you get unemployment benefits or another federal
measure during this pandemic. More likely than not, you will be receiving, over the next few
weeks, some form of income.
3: Take action
Take action by drafting your new budget considering your new financial situation. Adjust things accordingly. For example, put renovations and other nonessential projects you may have wanted to do on hold for now. Switch to less expensive brands, or less expensive products, food, etc.
Take action in preserving your mental health as well. In fact, take the time to do things you enjoy that are free, get creative! The fact of the matter is, you are more than likely to have success in respecting your budget if you reduce your stress, even if just a little.
Take action by actively seeking out future opportunities. How will you ensure your financial
future? If you aren’t sure you’ll be able to keep the job you had, think of what else you could be
doing eventually to bring some money into your budget. Keep your eyes and ears open and be
open to possibilities you may never had thought of before.
The world has changed. Consequently, we have to change and adapt with it. As making ends meet is important. You’ve got this!