Economic standstill, if not a decline, is in every part of the globe. This is just one devastating effect of the pandemic, but as resourceful and able human beings, what can we do within our confined walls?
Most businesses are closed in the midst of the COVID 19 Pandemic, and many jobs are on hold. Those who are affected the most risk of losing their business for good, the comic book industry, is one of the most affected. Unemployment is also high as many employees have been laid off from their work as businesses are now not being unable to cope with its obligations, mostly rent and debt.
So is there a way to minimize the impact of the current pandemic, especially with our finances? Do you feel running out of credit limits on your credit cards? Or, losing financial funnels from your businesses?
When a pandemic strikes, there is no sure way to know when it will end and where it can strike. Will it be limited to a specific region of the world, or will the whole world be affected. The current COVID 19 pandemic is affecting everyone worldwide, and various measures have been implemented to lower the risk from infection: anything from social distancing to locking down entire neighborhoods.
Ways to Survive Financially
Minimize Your Risk of Infection
There is a common adage that states: “Health is wealth.” This is so true right now, depending on where you live and what your health insurance covers, getting infected might not save you from financial obligations down the road. So the first thing to do is to keep yourself from getting sick, so you don’t have to spend on hospital bills.
2. Buy Only What Is Necessary
Stick to purchasing things that are essential for survival, namely food, water, medicines. Do not waste money stockpiling on just one type of essential, and you must make sure that your stockpiled resources are balanced.
Practice Proper Allocation of Budget for Food
Food is the most crucial resource during a disaster, so avoid overspending on this. Use your internet smarts and search for recipes that are healthy taste good, but at the same time won’t hurt your budget.
Your Credit cards may be one of your lifelines today, as salaries and jobs are on hold today. Conveniently with credit cards, you can order or buy groceries and food anytime. Though, make sure not to reach your credit limit and avoid overspending to avoid payment shock once the lockdown has lifted.
Probably the right time to eat less, maybe now is the time to take on that New Year’s resolution you’ve always been chanting. Diabetes and obesity are a problem in many first-world countries, so this pandemic should be enough of a motivation to cut down food consumption. Though don’t overdo it, the bottom line is eating a balanced meal, which will keep you healthy.
4. If You Have Space, Plant Your Own Food
If you have the opportunity, start your own garden. Search for ways to utilize your front and back yards. Plant a wide variety of edible plants suited for your area, and this will help you lessen your reliance on groceries and markets for at least the food items. If you have the necessary ingredients at home, you don’t need to leave the house and thus reduce your risk of contracting the coronavirus.
So far, we’ve talked about how to keep yourself from spending too much, but how about earning with many people out of work? If you feel your credit cards won’t last until the next month, you may need to put your skills in action even when confined at your home. We’ve enumerated a few things you can try to start a business or to protect your current business.
You can actually link your credit card or debit card to the online websites for payment.
1. Educators Can Still Earn
If classes are over, those in the academic sector will have trouble getting back to work, but they don’t need to rely on being in the classroom. Open up an online course, enough for just a few hours, and earn a few dollars. The really successful educators can earn big.
2. Offer Digital Services
In connection with #1, people can offer services online based on their expertise, chefs can start a cooking show online, writers can write, artists can illustrate, musicians can sing, or tutor or 3D modelers can sell 3D designs. Now that almost everyone is stuck at home, engagement with the online community is at an all-time high.
3. Online Marketing
With so many ways to make payments online, such as debit or credit cards, it is not enough to just start a business online. You will also have to market your business just as any brick and mortar business will have to do. If you are going to start an online business, it is expected that others like yourself within the same niche will do it too. It seems like being stuck at home doesn’t mean a long rest. At this point, you will have to compete with all the others, try to implement marketing strategies that can hopefully outperform the others. Alternatively, if you specialize in marketing, why not offer a service to be the marketer instead?
Whatever options you choose to make money, just make sure to be honest and transparent about it. Don’t overprice your service and don’t scam people. Remember that you are not the only one having a hard time with this pandemic.
Source: Media Venture