How To Financially Survive The Coronavirus Outbreak

As a child, you may well have spent time preparing and rehearsing for all sorts of dramatic events: tornadoes, storms, fire drills, earthquakes, shootings and so on. Hopefully, you have never had to put any of them into practice, but you still know what to do should it happen.

However, very few of us were prepared for what is happening at the moment the world over: the coronavirus outbreak.

This horrific illness is sweeping the globe and causing entire countries to go into lockdown. Of course, this is the best-known way at the moment to reduce the transmission of the disease but it has some pretty dire effects on the economy and our individual financial situation.

In this article, we are going to look at a few things that you can do to reduce the impact that COVID-19 has on your finances, particularly if you have to stay at home for a while.

survive financially during coronavirus

Image credit: Pixabay CC0 License

Automate your finances

Under normal conditions, automating your monthly banking is a smart decision. However, during the coronavirus pandemic, it is essential.  It is a convenient way to make your life simpler. Reducing your public exposure will also lessen the chance of catching the illness or passing it on if you have it.  You can do all of your monthly banking from home instead of going out for a non-essential trip.

Automatic payment management removes the risk of missing and late payments.  Many merchants and utility companies also give you a small discount on automatic payment, which saves you both time and money.

You still need to keep an eye on your transactions to make sure that no fraud is occurring, and make sure that no suppliers or merchants put up your payment amounts without any notice.

Lean on your community

Community is important all the time, but never so much as it is now. If you need support, whether in terms of practicality such as fetching groceries or medicine for you if you cannot get out, or emotional support, do not be afraid to reach out to your family, friendship group, work colleagues, and local neighborhood. They can help you to find the answers to questions such as ‘do seniors get stimulus checks?’

Invest in yourself

When you have freedom and money, it is easy to sit back and use third parties to deal with issues. Need your car cleaning? Take it to the carwash. Need the house painting? Hire a decorator. Now, with mobility curtailed and our belts tightened, it is time to look at what you can do yourself and learning some new skills.

Perhaps you can learn to cook with fresh ingredients that are delivered to your door rather than rely on take outs, or sewing clothes instead of buying them from the store. Try your hand at gardening! You never know; you might discover a skill or an interest that you never knew you had!

The coronavirus pandemic is taking its toll on all aspects of life, but there are things that you can do to make it easier on yourself.

 



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