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Managing Your Finances During Hard Times

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The coronavirus and Covid-19 pandemic has altered many of our living situations and lifestyles for the worst. Many of us who are working in industries that can’t work on a remote basis have lost our jobs. Many of us who have been able to work may have seen our companies collapse regardless, as consumers have less disposable income and are less willing to spend for fear of losing their own jobs. Many of us have had to accept a reduction in salary or working hours as our companies are struggling to pay our wages. So, it’s not all too surprising that nations around the world are experiencing countless situations of individual debt and financial struggle. If you are worried about your own finances, here are a few ways that you can keep on top of things right now.

Keep On Top of Payments

Many of us are stressed right now. There are all sorts of things to worry about and this means that we can often forget to face and tackle the things in our lives that have deadlines. Something that many of us seem to be forgetting and missing is our payments. Usually, we’d be in the habit and routine of making sure money is in the right accounts and submitting payments on the right days and at the right times. But many of our schedules have been thrown out of the window and we’re forgetting the things we need to do. Making late payments on things like rent or mortgage payments, credit card payments, loan payments, financial agreements and more can all result in fees and fines, as well as creating marks on our credit score. You need to make sure that everything is paid on time wherever possible. The best way to do this is to set up direct debits or standing orders. This will ensure that everything is taken out of your bank account without you even having to think about it. You may also want to note payment dates in your calendar or create payment reminders with alarms on your phone.

Seek Financial Support

There are means of support out there if you’re struggling to manage your finances. These are varied, from a financial planning expert who will be able to assess your income and how to best organise it, to government support in the form of furlough schemes, grants and more. No one fix is going to be right or available to every single person. So, it’s important that you do your research and see what forms of financial support will best suit you and help you out!

Reduce Spending

This may seem like an obvious one, but reduce spending. Even if you’re in a comfortable position right now, you may want to consider putting what money you have spare into savings, just in case.

These simple steps can make all the difference when it comes to managing your finances well and avoiding debt and difficulty during these already difficult times.

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