With the COVID-19 pandemic affecting a huge number of people worldwide – with many working from home, furloughed, or having to look for new employment entirely – financial stress and pressure is looming for a lot of us.
Managed to save some money while being stuck indoors during the lockdown, and trying to think of some ways to keep the ball rolling when you go back to normalcy? Struggling to keep on top of your monthly bills and payments, and want to see if there are some ways to get back in control? Check out this short guide, with some tips on how to keep financially afloat post-lockdown.
Organise your outgoings
If you’ve got some more time on your hands while furloughed or stuck indoors generally, it might be a great time to properly look over your incoming wages, and outgoing bills/payments. Going through your monetary situation with a fine-toothed comb – be it through your online banking or even through a banking app on your phone/tablet – can quickly give you more financial confidence, and shed light on some payments that you might not have even realized you’re forking out for and can nip in the bud.
Tip – Spend a lot of time in front of screens, or using your smartphone? There are a ton of financial advisor apps and services that you can install for free, and that might help you here and there to realise/curb some of your unhealthy spending habits. Check out The Big Investment blog for a handy list of apps that might suit your financial needs!
Save and invest your money
Once you’ve got a better understanding of the inner workings of your money, where it’s going, and where it could be going in order to further your financially, you should then think about saving some away on a regular basis, or even investing it for the long term.
Even if you start in the smallest increments possible, putting a few pounds each month into a savings pot, it will help you to build a bolstered monetary cushion in the event of financial emergency, and you’ll soon start to feel a bit more confident financially knowing that you’ve got something stored away should an emergency arise.
If you want to invest some of that saved money and plan even further ahead for the future, there are a ton of different investment methods you could look into, depending on what you’re comfortable with (and what you can afford to put aside!). From small stock and share investments (which again you can complete passively through your smartphone if you’re short on time) to long term investments in the property (which you can research and learn about online with resources provided by the likes of RWinvest), the spectrum is broad. If done correctly, the investment can be a lot more beneficial than simply saving your money, as you’re putting it back to work for you.
Support local businesses
Again, if you have noticed a slight bit of savings accumulating in your bank account over the last few months, attributed to the fact that you’re not going out as much with friends/family, and spending money on small purchases/meals out, etc., you should save and invest it, but also be sure to treat yourself and put some of it back into surrounding businesses and shops/restaurants that you love and want to support.
If you run your own company or business then you’ll understand the struggle and adverse effects this pandemic has had, and so why not reach out a hand of support, and benefit yourself from a lovely meal or nice product in the process?