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Talk Money Week - Staying financially stable during a pandemic

Engineer Working

2020 has been a difficult year financially for many individuals, families and businesses. Redundancies and organisation closures have contributed to the sting on the economy brought by COVID. A dip in personal funds is just one of the new challenges that a lot of us have faced this year, but of course, there are ways that you can get yourself back on your feet. Being organised, budgeting and planning your spends and saves is the obvious route to take – but what does this really mean?

We’ve prepared a guide to help you to become more financially stable throughout an unpredictable period.

 

 

Tip 1: Don’t spend impulsively.

Although the 24 hour 30% off sale sounds great – does it fit into your budget? If you don’t need it right now then leave it, there will be other sales.

Tip 2: Budget.

There’s a reason why successful businesses are built on budgets and monitored spending. Make sure your finances are balanced out, and save most of what you have leftover. You can always treat yourself with something if you can afford it – but don’t overdo it as you don’t know what’s around the corner.

Tip 3: Plan your spend.

Work out on a 3-6 monthly basis. Try and predict what your essential spends will be for the upcoming months – this will be a great way to start your budgeting accurately.

Tip 4: Save, save, save!

 Simple – but massively effective. It really is hard to predict life at the moment, so any money that you have set aside can change a non-ideal situation massively.

Tip 5: Prioritise.

If you have any debt or owed payments, work out the most financially sound order to start repaying them - highest interest rates first.

Tip 6: End your bad habits.

Spending impulsively, dipping into savings or using your overdraft when unnecessary, ordering out a bit too often when there’s food at home…

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