To say that the Corona Virus pandemic caused some disruptions within society would be an understatement. Not only has it shifted our perspectives on life and daily living, but it has also completely changed the landscape of the field of work. Employers are now more prudent than ever when it comes to the number of staff they hire as job and salary cuts become more of a harsh reality. And on the other hand, employees are now starting to prioritize more the idea of having “multiple income streams”. However, either way, in both scenarios each party is trying to prepare for the wave of financial storms to come. So, to throw you a lifeline, we’ve prepared a couple of tips and tricks to help you cope more efficiently and effectively with finical stresses during this time of great uncertainty.
Of course, like the next two tips to follow, budgeting will always be an inevitable practice to implement if ever you should be trying to better manage your money. However, try not to look at it from a negative perspective. Look at budgeting as an enabler for you to take back the control of your financial success. Therefore, prioritize (while also being real with yourself), the payment of all your expenses first and I mean ALL your expenses FIRST! After all, it no use spending money recklessly, when you know it’s going to get your lights turned off halfway during the month.
Live Below You Means
Like their cutting jobs and salaries, so too must you cut on your expenses and unnecessary costs. With this tip, it’s all about trying to save as much as you can by unsubscribing from that cushioned and luxurious lifestyle. By cutting down on all those extra costs, you will inevitably find yourself running into some extra cash than usual. Now, don’t lose it there and spend it, instead read the next tip…
…and save! No matter how small or insignificant the amount you are saving may seem to you, over time it will accumulate into something bigger. This is where the concept of time becomes important as we have a whole lot of it during this lockdown preiod. So instead of wasting it, use it to your advantage and save. However, the trick with saving is to always remain focused even when you reach your desired goal by investing in something that will make you even more money.
Multiple Stream of Income
Multiple streams of income, also known as the secret to getting richer and staying rich, is definitely more of a “must do” now more than ever. The concept really all boils down to the idea and old saying of “never putting all your eggs in one basket”. With so much uncertainty in the economy, it is vital that you increase your chances of consistently receiving an income by setting up multiple streams of it. And you can start online. With the internet being an endless source of opportunity for making extra cash, spend the extra time at home researching on ways to make money online. Think affiliate marketing and advertising as a staring point.
Stay at Home
And lastly, stay home! Not only are you reducing the potential spread of the virus by doing so but you are also saving yourself from spending unnecessarily. I mean we all know how tempting the malls can be.