This post looks at ways to improve your finances during a pandemic. Please note that this is a collaborative post. For more information about what this means, please click here.
During the coronavirus pandemic, the whole world seems to have come to a standstill. It doesn’t help to know that everyone is struggling, but it can be comforting to know that we aren’t alone in feeling depressed, isolated, or stressed. One thing that has suffered tremendously throughout the pandemic has been people’s personal finances, as a result of many job losses around the world. If you are struggling to make ends meet right now, this could be leading to a lot of stress.
While one blog post won’t fix all of your problems, in this article you will find expert tips on improving your financial situation during this crisis. If you are in need, call a citizens’ advice helpline for more information on practical steps you can take today.
Here are three ways to improve your finances during the pandemic.
Get A Budgeting App
We use our phones for everything in this day and age, and one of the most useful ways to use your phone is to help your financial situation. You can access budgeting apps such as Mint that help you keep track of exactly how much you are spending each day, week, or month.
These apps not only help you to figure out how much money you have left in the bank, but they also help track your habits, allowing you to change any bad spending habits that you might have.
Learn How To Prioritize
Prioritising takes some practice, but there’s no better time to start than today! Some people are naturally “good” at money, while others struggle to have consequential thinking when it comes to budgeting.
One way to learn how to prioritise is to make lists. Lists are useful for just about everything, and certainly, when it comes to finances, they can help put things down in a visual way that really helps you get your head around things.
Start by making a list of what you absolutely MUST spend money on. Your house, your car, your debts, your food, bills, et cetera. Figure out exactly what they cost you, down to the penny. Then you can decide what to prioritise further. This exercise is great for people who are looking to cut back but aren’t sure where to start.
Make A Five Year Plan
Lastly, making a five-year plan is a fantastic way to improve your finances. While something like a short-term loan from Buddy Loans might work, for now, a five-year plan forces you to look to your future and figure out what you want to achieve. While it might seem far away, having a plan for your money means you are getting the absolute most out of each and every financial decision. You’d be amazed at how your attitude changes once you have goals you are trying to hit each week, month, or year!