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How To Manage Your Finances During Covid-19 Pandemic - Health - Nairaland

Nairaland Forum / Nairaland / General / Health / How To Manage Your Finances During Covid-19 Pandemic (32783 Views)

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How To Manage Your Finances During Covid-19 Pandemic by mantosa(m): 10:31am On Apr 20
The coronavirus pandemic has had a devastating impact around the world with hundreds of thousands of deaths, economic collapses and business closures. This has affected the earning power of citizens who have been struggling to keep afloat.

This article attempts to explain how you can manage your finances during this difficult period.

Audit Yourself (Focus on your Necessities)

Despite the fact that this pandemic has resulted in the reduction of economic activities which requires us to buy and sell goods or services from people, there has never been a better time to take a thorough look at the state of your finances.

Whether you are single, married or living with your parents, now that you are home and have sufficient time on your hands you should list out the necessities in your life that enable your survival because every other thing is indispensable.

Your necessities may be personal to you but general examples include;

*Water

*Food

*Medicine

*Shelter

*Cut down on luxury spending

Things that would not hurt you if you do not purchase or engage in them. Examples include expensive cable TV, excessive drinking and junk eating, Internet for unproductive use amongst others.

A little bit of entertainment is needed in these tough times to maintain our sanity; however the point is to ensure that we keep unnecessary spending to the barest minimum.

Maintain Cash Reserves

Though it is not easy not to panic due to the circumstances in the economy and how bad things may seem, it is important for you to keep your emotions in check and not rush to liquidate all your savings or investments because of the pandemic.

Following up from the lesson above on spending on necessities, maintaining your cash reserves will come in handy for you if this pandemic gets worse than we imagine because now you can count on such funds to bail you out of the hard times. If things get better too you have the funds to start a business, invest more or learn new skills to boost your future earning power.

Become Self reliant

We expect a new world order after this pandemic is over and the way human lives will become different, however we have learnt albeit the hard way that certain skills are necessary to save money.

Some businesses may not be as relevant anymore; therefore it is pertinent to practice self-reliance in certain aspects of your life. E.g.

*Learning how to cook a nutritious meal and healthy meal is a lifesaving skill that not only replenishes the body but provides the much needed energy to go about your life activities energized.

*Gardening and growing peppers, tomatoes, fruits etc (if you have a viable land) can help save money.

*Livestock preservation

*House repairs.

A lot of skills can be learnt for free by just googling or going on YouTube.

More importantly, understand that it’s okay to feel anxious about your finances and where your future is heading because we have never experienced something of this nature in our lifetime, however you should take it easy on yourself and realize that this time will pass because situations like this have also happened in history and people and businesses have survived by taking the pains and lessons of this period and using to their advantage to create more value in their lives.

Source: https://tushmagazine.com.ng/how-to-manage-your-finances-during-covid-19-pandemic/

27 Likes 2 Shares

Re: How To Manage Your Finances During Covid-19 Pandemic by gbebodye(f): 12:58pm On Apr 20
Us wey no even get finance nko?

cry
Anyway, FTC, dedicated to the music video below because it's relevant during this 2020 pandemic period


https://www.youtube.com/watch?v=-I525KtbupI

17 Likes

Re: How To Manage Your Finances During Covid-19 Pandemic by aleeyus(m): 12:59pm On Apr 20
I test almost 500 sex positions with my fiancee this period

if u think you had any secret technique, your brother is begging u to share with him

50 Likes 1 Share

Re: How To Manage Your Finances During Covid-19 Pandemic by money121(m): 12:59pm On Apr 20
Ok

Re: How To Manage Your Finances During Covid-19 Pandemic by jumper524(m): 12:59pm On Apr 20
Meanwhile..

77 Likes 2 Shares

Re: How To Manage Your Finances During Covid-19 Pandemic by goldtube(m): 12:59pm On Apr 20
cool

1 Like 2 Shares

Re: How To Manage Your Finances During Covid-19 Pandemic by cinoedhunter: 12:59pm On Apr 20
All man for himself o... our politicians no dey the same table with us... no be when you see the finance to manage sef sad
Re: How To Manage Your Finances During Covid-19 Pandemic by nasman5: 12:59pm On Apr 20
thanks for the advice

1 Like 1 Share

Re: How To Manage Your Finances During Covid-19 Pandemic by Adeling(m): 1:00pm On Apr 20
You can only manage what you have.

1 Like

Re: How To Manage Your Finances During Covid-19 Pandemic by Learn1: 1:00pm On Apr 20
Maintaining cash reserve means you should go withdraw all your money or keep them in the bank?
What do you mean?

1 Like 1 Share

Re: How To Manage Your Finances During Covid-19 Pandemic by News247updated: 1:00pm On Apr 20
Davido thinks he can fool us about chioma Covid_19 test result with his fake life


https://www.youtube.com/watch?v=BoNpL_xJ6hc
Re: How To Manage Your Finances During Covid-19 Pandemic by Sniper4real(m): 1:00pm On Apr 20
Y
Re: How To Manage Your Finances During Covid-19 Pandemic by Toromiroro(m): 1:00pm On Apr 20
This is really needed

Re: How To Manage Your Finances During Covid-19 Pandemic by Ijaya123: 1:00pm On Apr 20
Nice one.

Meanwhile...

3 Likes

Re: How To Manage Your Finances During Covid-19 Pandemic by Mrlouis: 1:00pm On Apr 20
Beware of Smallies too

3 Likes

Re: How To Manage Your Finances During Covid-19 Pandemic by Aphroditee(f): 1:01pm On Apr 20
ok

7 Likes

Re: How To Manage Your Finances During Covid-19 Pandemic by adewumiopeyemi(m): 1:01pm On Apr 20
Data is life
Data have exceeded so much spending in this lockdown period
Mtn glo Airtel etisalat
Are enriching there self on This lockdown period

Note
Airtel has been worst network in this lockdown period

10 Likes

Re: How To Manage Your Finances During Covid-19 Pandemic by anonymuz(m): 1:01pm On Apr 20
Speak for yourself

2 Likes

Re: How To Manage Your Finances During Covid-19 Pandemic by jericco1(m): 1:01pm On Apr 20
You ended up saying nothing

1 Like

Re: How To Manage Your Finances During Covid-19 Pandemic by Openbusiness: 1:02pm On Apr 20
The cash in my hand at home remains N30. God punish Zoohari government. Dem juz dey vex me. Alert I never see. Yet they say dem don share billions. Una papa dey craze angry Na garri I dey drink throughout yesterday, today na 100 akara dey my stomach since morning. May nobody near me oh, I dey para mood

12 Likes

Re: How To Manage Your Finances During Covid-19 Pandemic by Jonah507(m): 1:02pm On Apr 20
I love anything that has to do with animation : Toy story, Shrek, Madagascar, Zootopia, how to train your dragon, Tom and Jerry, Up, the list is endless



I love it!!

5 Likes 1 Share

Re: How To Manage Your Finances During Covid-19 Pandemic by ALABACONNECT(m): 1:02pm On Apr 20
Well detailed information

Nice!!!
Re: How To Manage Your Finances During Covid-19 Pandemic by tym92(m): 1:02pm On Apr 20
and today is my Bday...


show some love fam

21 Likes

Re: How To Manage Your Finances During Covid-19 Pandemic by HolyTitus(m): 1:03pm On Apr 20
Which shop or market or boutique are you going to spend the money
Re: How To Manage Your Finances During Covid-19 Pandemic by Powerplay: 1:03pm On Apr 20
Shit
Re: How To Manage Your Finances During Covid-19 Pandemic by BadmanGozie: 1:03pm On Apr 20
Motivational speakers at it again. Who hunger dey wire, no dey manage finance o

8 Likes

Re: How To Manage Your Finances During Covid-19 Pandemic by Currentgistarena(m): 1:03pm On Apr 20
Re: How To Manage Your Finances During Covid-19 Pandemic by PureGoldh(m): 1:03pm On Apr 20
Nice piece....Kudos to the OP.. Thanks for sharing

Even the money wey FG been promise us...we are yet to receive shi~shi from em.

just incase you need Pure Original Honey...kindly call or Whatsapp 081 0166 6771 lets talk about it...CoronaVirus will soon be a thing of the past....

3 Likes

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