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How to Manage Family Finances and Adjust Lifestyles during the COVID-19

It is famously said that the only uncertainty is certain. No human being ever has managed to prepare for what the future holds for them, and uncertainty is a big part of our existence. The current times are the perfect example of the uncertainty playing havoc and turning lives upside down. The unforeseen advent of the COVID-19 pandemic has adversely impacted the entire world. It has thrown governments, businesses, individuals, and families in uncharted territory without any warning, and is forcing everyone to adapt rapidly.

This is a time for families to come together and manage their finances and lifestyle smartly to tide over the tough times.

Tips for Managing Family Finances and Personal Life during this Crisis

  • Spend less than you Earn
    • While creating a budget is essential when it comes to prioritizing spending, right now focus only on necessary spending. Look out for small ways which might help save a little money. Use online payment apps as they provide cashback, reward points, and other lucrative offers like discounts on making an online purchase, etc.
    • Similarly, many sellers might offer huge discounts or clearance sales to attract online customers and enhance buying in future. Look out for these attractive discounts or deals that would be on offer. This might help you buy the things you need at a lower price.
    • Avoid impulsive buying. An ideal approach would be to think a little and evaluate the actual need before buying. This would help stop unnecessary expenditure. Postponing the nonessential expenses would also help in saving a little money for emergencies.
  • Consider using your emergency fund
    The emergency fund is created with a purpose to counter unforeseen contingencies. So, you can use the emergency fund in case of a job loss or a salary deduction if you run out of options. Try to use the funds wisely and minimally, and start replenishing the fund as soon as you're back to earning a stable income.
  • Managing Debt, EMI & Loan Payments
    A lot of banks and financial institutionsare offering assistance with regards to debt and EMI repayments arising out of credit cards or instant personal loans. Many financial institutions have lowered interest rates, waived of penalties, etc. to help those in distress owing to their debt commitments. The right approach would be to get in touch with the lender and discuss the inability to pay the dues. The creditor might provide the best solution basis on the current situation helping in fighting the anxiety.
  • Take extra care of the elderly
    It's vital to be extra cautious while caring for the elderly. Ensuring that they practice and maintain hygiene is one major factor that could help. It also becomes important that older adults follow the special guidelines issued by the government for them. The elderly should avoid going to crowded places and stay indoors as much as possible.
  • Do family activities together
    The family time has taken a backseat in a fast-paced life and these stressful times should be seen as a perfect time to bond with the family. Plan activities that would help everyone to spend some quality time together. Play board games, plan a movie marathon, or cook your favourite dish together.
  • Maintain a positive outlook and do not panic
    In the prevalent times, it is reasonable to feel anxious or stressed. However, it is necessary to have a positive outlook to get over hard times. Indulge in a hobby or some activities like meditation, yoga, etc. to help overcome the stress. Take the professional help of a counsellor over the phone if stress becomes too much to handle.

A positive mindset and calm demeanour and a strong belief that this too shall pass would help the world tackle the biggest crisis of recent times. Families will need to relook their expenses and financial management until we emerge on the other side of the challenge.


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