The management of personal finances is a challenge at the best of times, let alone when we are in the midst of a pandemic. This situation has completely changed our way of life, some have lost jobs, others have had to tighten purse strings and in order for us to get through to the other side in good shape, it is essential that we are all conscious of our personal situations. Financial experts like Remi Landau have been offering tips for people to follow during this time, and we have collated some of the best of those tips, to see if they may be able to help you out.
Taking Your Temperature
The only way that you can stay on top of something like this is if you have a full picture of where you are. This is why it will be important to make some time to calculate exactly how much you have, what you owe and to who and how much money you have coming in. From this position you can properly plan your finances, if you are simply guessing then you may easily get caught out.
This is not a time for financial risk, at least not until we get into 2021 and have a fuller idea of what on Earth is happening. Now if you have an abundance of cash then by all means have a dabble in the stock market but if you don’t, now is not the time to be trying things out. Keep what you have, focus on the absolute essentials and making sure that you have those. Even if you are safe in your job role right now, this is not to say that things are going to be the same in the coming months.
Fixed Accounts For Savings
If you have some savings then now is going to be the perfect time to look for a fixed rate account. The reason why this is going to be important is that base interest rates on these accounts are falling, and in some cases we may even see them go into negative for the first time. It is important that you make your money work for you, even if that is just a small amount each year. This is exactly why now is the optimum time to get a fixed rate account for your savings.
Even if you are comfortable right now, there is nothing wrong with making some small cuts to your budget to compensate for any potential eventualities. Repairing your own clothing, cooking more from ingredients rather than shop bought meals and looking to take the bike more than using the car. All of the small and minor changes can make a huge difference and they will put you in a much stronger position going forward.
These are some very basic tips which are worth bearing in mind as we all go through this very difficult time.