During these uncertain times, COVID-19 has no doubt spread fear and anxiety. This is especially true for most who never took time to plan for emergency situations as what COVID-19 presents to us. Unsure of how long and far, the COVID-19 impacts will be felt, here are quick tips on financial prudence you could use to navigate through COVID-19 impact:
Maintain Focus. Stay focused. Minimize your monthly bills. Cut down anything that is not a need. Only spend on what is most necessary for you and your family. We cannot control COVID-19 unfolding situation. But we can certainly control our response to it.
Avoid Impulse Purchases. Only buy what you need and not what you want.
Keep your emotions in check and remain realistic. Avoid panic. Control your expenditure. A budget will help you determine whether you are living below your means or over extending yourself.
Minimize debts. Do not borrow to sustain a lifestyle.
Plan for the long-term. Live on your budget and set aside a particular amount of money that will help you achieve your long-term financial goal.
Don’t blame yourself for everything. Acknowledge what is within your control to fix. While taking stock of lessons learnt, focus on moving forward.
Reach Out. Surround yourself with supportive people. Call your social support pillars. Talking out with people you trust helps relieve stress. At all times, try to stay calm.
Eat a Healthy Diet: Simply put, eat healthy. When facing a crisis, being a little bit off, can make everything substantially harder to deal with.
Get adequate exercise and rest. Eating well, exercising and resting helps you strike a balance between your physical and mental wellness.
Accept change. The world is generally unpredictable and never in our control. Change is constant and adaptability is key to living a happy and healthy life.
With the right preparation, a crisis can only turn out to be a temporary set-back. A clear mind and a strong spirit is what everyone needs.
Stay Healthy, Stay Safe!