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What To Do With Your Income In COVID-19 Times - Nairaland / General - Nairaland

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What To Do With Your Income In COVID-19 Times by boladjo12: 4:29pm On Mar 31, 2020
TL:DR: Monitor all your expenses and tighten your budget where possible, Polish your skills, starting a side hustle to bring in extra income.
In an unstable economy, it can seem difficult to manage your salary. There are possibilities of pay cut or other financial hurdles that can cause budgetary constraints. However, it is still possible to manage your money wisely by maintaining a budget, paying your debts and saving some money.

A basic budget is your income (what you bring in every month) minus expenses (fixed and variable) equals net income (the leftover money from your income). Monitoring how you spend your money and separating your discretionary expenses from your needs is crucial to surviving and even thriving during an unstable economy. When you separate your needs from your wants, it becomes easier to eliminate your wants and save some money on non-essential things, like those streaming subscriptions.

With Fundall spending tracker, you are able to monitor your expenses, see what you are spending on and budget effectively. If anything is preventing you from pursuing financial freedom, or worse - putting you in debt, reevaluate in the short term until you can find a solution that works for your lifestyle, values, and budget. If you need to transfer money to your friends and family, you can use your Fundall account to transfer so you can save on transfer charges.

Polish your skills, keep your skills and knowledge up to speed by taking advantage of every on-the-job training opportunity. Learn a new skill, and apply for side hustles that can help bring in more income. Having multiple streams of income can really help.
If one income source starts to dwindle, you have other sources to fall back on to help keep you afloat. Diversifying your income doesn't necessarily entail getting a second job.
Access your Fundall dashboard via app.fundall.io

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