The whole world is fighting the coronavirus, and people have been confined in their spaces for months. This is a rather alarming time because many are now forced not to work, and what will happen to the economy at the end of quarantine is also not clear. Do not get into debt because it will be even more difficult to repay them later. Here are some tips to help you out.
Here are five financial tips for surviving in quarantine and not going bankrupt.
1. Analyze basic needs
First, you need to analyze your basic needs and understand what is vital for you and what you can refuse for now. For example, groceries, medicine, and renting a house are necessary, but a new dress or coat can wait.
2. Don’t make emotional and big purchases
Following from the previous point, you need to understand that it is definitely not worth making spontaneous and large purchases because “curing” stress with new shoes or expensive watches will drive you into even more melancholy because of the large sum of money spent. It is important to realize that your financial situation is unstable, and a large purchase will definitely unsettle you even more.
3. Don’t touch your credit card
Now you need to learn how to get along without debt. Therefore, having calculated the necessary spending for basic needs, try to break down your savings so that they are enough for you. It is dangerous to sink into debt now because you do not know how things will be at the end of the quarantine, so it is better to rely on what you have immediately.
4. Prepare your own food
Try to buy groceries and cook at home yourself, instead of ordering out every day, it will definitely be cheaper and healthy for you.
5. Think about how you can make money
In addition to the fact that you need to figure out what you can save on now, it is also important to find a way to earn extra money. Besides looking for a suitable option for job sites, you can also directly contact potential employers and offer your services.
Adapted and translated by The Cop Cart Staff
Sources: Today Lifestyle