Global financial markets, investors, companies, local businesses, and employees– these are some of the people and entities that are affected by the COVID-19 pandemic. The coronavirus and the lockdown restrictions resulted in a dent in the economy not only in Australia, but the rest of the world too. Some businesses needed to stop operations due to a lower demand for their products or services, while some opted to cut costs by letting some employees go. Some are lucky enough to keep their jobs and businesses or have emergency funds to use for the meantime, however, both employed and unemployed should learn how to manage their finances and how to take advantage of reliable quick loans in this time of crisis.
Tips for Managing Finances and Quick Loans During the COVID-19 Pandemic
Here are some tips for spending, saving and managing money during this global crisis:
Proactively manage your cash flow.
You should proactively manage your cash flow in the face of decreased job security and loss of income. You need to prepare for whatever may come, whether you’ve already lost your job or you’re uncertain if your company will keep you. The uncertainty of your next paycheck is frightening especially when you have bills to pay and a family to support.
Proactively managing your cash flow means doing any or all of the following:
- Asking your bank or lender to pause your mortgage repayments.
- If you are renting, this means coordinating with your landlord/landlady for a rent reduction.
- Cancelling subscriptions to non-essential services.
- Learning about government benefits for people facing hardships.
- If you need fast cash, learning your quick loans options and being smart about your decisions.
Limit your financial decisions to minor choices.
Panicking about your financials during the COVID-19 pandemic may lead you to make large financial decisions. However, you need to fight the urge to make significant financial decisions and limit it to minor ones. For instance, selling equities or properties during this uncertain time will leave you with losses in the long run.
If you really need money, then you’re better off with applying for quick loans instead of making big decisions like selling properties. You can repay loans and make repayment arrangements with your lender, however, you cannot buy back property with the same price you sold it. Let that sink in.
Learn about government support.
As mentioned previously, you should learn about the benefits offered by the government for individuals facing hardship. For instance, the government has set up the JobKeeper payment scheme to help struggling businesses and employees retain their jobs during the pandemic through a fortnightly payment amounting to $1,500. Other support schemes include HomeBuilder, rental relief, etc. Understanding and learning government benefits will give you more options to financially thrive during this crisis.
Check your quick loans options.
As mentioned above, applying for quick loans is a relatively minor financial move and it helps you proactively manage your finances during the COVID-19 pandemic. Some lenders can offer lowered rates or convenient repayment arrangements, especially now that there is a global crisis at hand.
If you are one of the lucky ones who still have a stable job and the financial security that follows, then you can find investment opportunities while share prices are on the low side. If you’re not keen on dipping your toes in shares, there are other markets that you can try while prices are relatively affordable.
No matter how devastating the COVID-19 pandemic is, there are still things you can do to effectively spend, save, and manage your finances and quick loans to keep you afloat. It may be difficult right now, but everyone has to deal with it until everything is back to normal.
The opinions expressed in the Blog are for general informational and entertainment purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific investment product. It is only intended to provide education about the financial industry. The views reflected in the commentary are subject to change at any time without notice.