It’s no secret that we’re living in uncertain times thanks to the global Covid-19 pandemic. Millions of people around the world have either unexpectedly lost their jobs through retrenchments, hit with salary cuts or forced to take shift work/temp jobs. Economies across the globe have taken a knock and hit recession so it’s important, now more than ever to plan for the future and manage your finances well.
Here are a few tips to help you adjust your budget and spending during the lockdown:
- Draw up your monthly budget, which should your weekly/monthly income, expenses and savings.
- Always prioritise your savings and emergency funds, followed by essentials expenses.
- Identify and cut back on non-essential expenses. e.g. clothing, eating out/takeaways, entertainment etc
- Communicate with your creditors when you can’t pay and arrange payments plans.
- Track your weekly/monthly spending and adjust if necessary.
This lockdown has been easy on anyone and it’s important for all of us to stay positive and be smart with our money and in taking care of ourselves and our loved one.
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