The pandemic has raised concerns for many due to the financial complications it may have caused due to the economy, job losses, and for business owners who are dealing with reduced sales levels. The COVID-19 pandemic has caused a lot of financial struggle for people, and unfairly so. But if there is anything to learn from this pandemic, it is to be resilient. And resilient with our finances.
Job lay-offs, or fear of a job loss, have been the number one concern for people. Commonly a primary source of income, you may be concerned about your finances and how to manage your money through uncertainty.
Melissa Leong is one of the best-loved authorities on personal finance, a frequent contributor to outlets such as BNN Bloomberg, author of Happy Go Money and a podcast host.
An expert in personal finances, she is offering four tips on how you can get your finances through the pandemic:
You can’t get to your destination if you don’t know where you are. You need to understand where you stand in terms of your finances. Get extreme clarity on your money situation because much could have changed for you even several months ago. What’s your income, and what are your expenses? List your bills and when they are due. Go through your bank statements and determine your needs. Categorize things on a spreadsheet or just put pen to paper.
My parents, who were new immigrants, were all about stretching each dollar and living modestly because they believed that they needed to sacrifice today to create security for tomorrow. This pandemic has taught us that the future is uncertain. It’s best to be prepared with some