- Are you struggling to manage your personal finances because of the Coronavirus pandemic?
- Have you been looking out for some financial help to help you tide over the problem?
- Do you know how you should manage your debts, loans and other bill payments?
- Is your family going through financial problems because of the COVID 19 pandemic?
If you have been asking yourself any of the above questions, you should pay close attention to this article. Ladder Advisors, one of the leading financial advisory firms helps individuals and families reduce the financial damage caused by Coronavirus.
The pandemic has brought human life to a standstill. With nearly three billion people of the planet under some form of lockdown, the world’s economy is suffering.
According to financial experts, the financial fallout of the crisis is expected to cost the world a loss to the tune of trillions of dollars. However, if we are astute when it comes to finances, we will be in a better position that millions.
In this article, Ladder Advisors helps with five financial tips to help you manage your personal finances and debt.
Ladder Advisors: 5 Tips To Manage Personal Finance During Coronavirus
- Do not defer your bills if you have the capacity to pay them-
Banks and financial institutions are announcing many options during these times. Most of them relate to some kind of a moratorium on EMIs, loans and credit card payments. However, please bear in mind that the interest for the same will not go away.
If you have the financial capacity to keep clearing them, please continue to do so. This will not add to your burdens in the coming months. This will also reduce your outstanding in a regular and structured manner.
- Seek help from an established Financial Advisor-
You might be confused whether to spend or to save, whether you should pay the EMIs or seek a moratorium. This is where a trained financial expert will be a great asset. According to Ladder Advisors, this is a sound step during times of crisis.
If you have multiple debts, you can get in touch with a financial advisory firm and create avenues to clear them. You can also get some kind of financial relief to help you overcome the crisis. This is more than just buying time. It is about structuring your resources in the right fashion.
- Prioritize your spending and expenditure during the crisis-
Tough times call for tougher measures. If you had planned to spend on a vacation or a new car, may be you would want to put it off for the next year. The same goes for other expenditures like renovation plans and buying new homes.
It is best to save as much money as possible. Nobody has a clear idea of how and when this COVID 19 will end for sure. Now would be a good time to check your expenditures and spend on just bar necessities.
- Prepare a Weekly Budget-
Scenes of people hoarding things from supermarkets have been doing the rounds. This is both irresponsible as well as financially unsound. The best way to check what you need and how much you need it is by preparing a weekly budget.
Sit down with your family and create a list of the things you would require. Pay attention to food items and medicines. Do not hoard things, as they might get stale. No one has a refrigerator where you can store a month’s worth of supply!
- Check with Government Services and avail Financial Benefits-
Most national governments around the world are offering some financial assistance to people. If you have been laid off, it would be a wise decision to file for unemployment benefits immediately. You should also be aware of other government schemes.
Doing your research and being aware of government benefits during such a crisis is a wise and astute step. Do not think that you are doing something lowly. As taxpayers, we pay trillions of dollars in taxes. This is your money and a government is obliged to help you during such times.
There are tough times indeed, but if you are smart, you can ensure that you your family does not go through financial crisis. By following the above-mentioned five tips, Ladder Advisors hopes to put you in a better position when it comes to finances.
Can you think of some other financial tips, which can help us during the Coronavirus pandemic? Let us know in the comments section below.