Your mom kept telling you to do this but you didn’t listen, did you? Don’t fret, I’m guilty of this as well. There are some hard lessons in life. This is one of the major ones. Saving is a tough habit to cultivate. There are just too many temptations around you. Everybody want’s your money but not everyone is willing you give you money. Even if they do, there’s always a catch. Poor financial management gets most people into trouble compared to anything else.

Here are some things to consider in these troubled times depending on your employment status:

#1 – You have a Job.
Being under lockdown prevents you from going shopping more freely so you need to start saving more vigorously. You’ll start noticing your bank balance increasing as the months go by. Use the extra money to pay debts. If you are wise find good places to invest your money. If you are feeling charitable, help others by contributing a small amount of your savings.

#2 – You’ve got a Pay cut
Don’t quit! You may not necessarily enjoy your job, manager or company but consider yourself lucky that you are not among the unfortunate whom have been let go. You need to modify your lifestyle. If you never bothered about developing a budget, you do now. Identify areas to cut expenses. Avoid making any serious financial decisions at this time. Start thinking about additional sources of income. Continue to save if it’s still possible.

#3 – You’ve Lost Your Job
Secure an available job. Try not to be fussy. Freelance or take on a contract job if you are finding it difficult to secure a permanent one. Speak to your bank about extending the moratorium period. If you own a house, you could refinance it. If it’s still proving difficult, you may want to start letting some things go. For example, if your household is paying for 2 cars, are you willing to let 1 go? Are you ready to become a YouTuber? Would you like to start your own blog? Interested in offering e-hailing services? Or perhaps it’s time to turn that hobby of yours into a business.

The pandemic is a test on our creativity and ingenuity. Negatives aside, it is acting as a catalyst for action. Take on the challenge and don’t give up hope. Things will get better! You will become better!

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