If your personal finances have taken a hit since this pandemic began, you are not the only one. A recent study published by the BBC suggested that ‘under-25s and women’ were the worst financially affected groups by this crisis – but truly, anyone can be affected by the economically disastrous consequences of this pandemic. Your personal finances should be a priority at this time, whether or not you have yet been disadvantaged by coronavirus. The ensuing economic crises have barely begun; it is time to hold on tight to your assets and find ways to invest securely in your future.
So how can you best manage your personal finances in the time of COVID-19? Read on to find out.
Invest In Property
This may not sound like a smart move right now, but if you can safely afford to do so, investing in property is a viable option. Your property will act as an asset which boosts your credit score. Plus, if the property is in good enough condition to let, you can let it to responsible tenants who will bolster your income and provide you with a bigger financial safety net.
Property investment is a long term choice. This will work to your advantage. If your other income is compromised down the line, you can choose to sell this property as an asset, and gain
income from it another way. Selling your assets is one great way to alleviate your debt and get your life back on track. If you have debt, visit the Debt To Success System – DTSS Complete Membership Program and start your journey to debt freedom today.
Use Decreased Travel As A Savings Opportunity
If you love travelling but you have been prevented from this hobby by the coronavirus pandemic, you can use this as an opportunity to save the money you would have spent on a trip. When you total up your outgoings on leisure travel each year, you will realise how much you unknowingly put towards it! Set aside this money for a rainy day. Perhaps you will spend it on a bigger, luxury holiday down the line, or perhaps you will need this money in your safety net in the years to come. Either way, you will feel more secure with this money safely tucked away.
Increasing Job Security
Job security is a major concern at this time. If you feel worried about being made redundant in this era due to essential cost-cutting by your company, you can take steps to help your job security. For example, you can take online and physical courses which boost your skills and make you more valuable to your employer. Similarly, there are options to return to university on a part time basis while remaining in work. Doing everything you can to appeal to your employer and future employers is essential in the current economic climate.