Solving Cash Flow Problems During Covid-19 Lockdown
Covid-19 has hit a great number of countries around the world, some worse than others. The data makes for grim reading, but aside from the obvious health issues related to coronavirus, many people are also struggling financially.
Since coronavirus hit, many countries have implemented a lockdown to try and slow the progress of the virus. Businesses have closed their doors, furloughed their staff, and there are now tens of thousands of people out of work with very little money to see them through.
Governments have put measures in place to try and help struggling families, but not everyone is eligible, and in many cases, the money just isn’t enough. If you are struggling to manage your money, here are some tips.
Speak to Your Creditors
The first thing you should do is speak to your creditors. This includes mortgage lenders, landlords, loan providers, credit card providers, anyone you have a finance agreement with. Most companies in the finance sector are offering payment holidays and are more than willing to help their struggling customers. You may have to pay more interest in the long-term, but asking for a payment holiday is better than defaulting on your account.
Look to Save Money
Whether you are stuck at home or still able to work, look at how you can save money on your everyday expenses. In some ways, lockdown is quite handy because it forces us to assess what we spend our money on.
Go through your bank statements and see where you can cut costs. You may as well cancel that gym membership – as long as there is no penalty – and you certainly won’t need to buy makeup and new clothes while you are at home for the foreseeable.
Be a Savvy Shopper
Most of us are now shopping online, which is great because it means we can look for the best deals. Use comparison sites to secure the best prices and make the most of cashback sites. Look for coupons and vouchers, too, as these small savings all add up!
Use Short-Term Loans for Emergencies
If you are dealing with an emergency, such as a broken-down boiler or anurgent bill, look for money you can access immediately. Check with family and friends first, as they may be able to assist. Credit cards are also useful, but not if they are already maxed out. People with bad credit will find it easier to take out flexible short term loans, such as these clear and detailed car title loans Clovis. These are great for smaller amounts, acceptance rates are high, and the money is usually available immediately.
Make Some Extra Money
Look around your home and see if there is anything you can sell to raise some extra cash. Perhaps you have a stack of old PC games you can offload on eBay? Or maybe you can earn some money from crafting? People won’t be able to collect items from your house, but smaller packages can still be posted.
Don’t let cash flow problems get you down during the Covid-19 lockdown. Things will hopefully get back to normal soon and your personal finances will recover eventually!