Surviving Financial Corona Crisis

It is no secret, Corona Virus has brought about many financial challenges. I have always been of the view that where there is a will there's always be a way. I also believe that limitations start in the mind. If one can position themselves with the right thoughts they can survive through any hardship. Let's disect the financial challenges being experienced by  the employed population.

Let us begin with those that have gotten their full salary this month. What does this person need to do to avoid being wasteful? Especially if this person is working from home. The first thing they need to do is a budget.  In this budget they need to set aside money for the expenses they would have incurred and put the money  in  an  emergency account. This  will be important for them to do so as not to be wasteful in spending it all on food while staying in the house. This will ensure when they are abruptly called back to work they will have cash to spend on their day to day movement. It also cushions them from future cuts which may be made by their employer.

Let's talk of those who have had to take pay cuts. How does such a person maintain financial sanity during this period. Here are simple steps:
 1. Write down all cost items you had before Corona. List them all even outings and support to friends for weddings, child birth and graduation. As you list let them,  input the amount normally spent on each.
2. Categorise the cost items in order of needs and wants.
3. The needs will be met by the income that you now have. Post pone the wants to later when you have full salary.
4. If you have a family with children have a sitting with them to explain why they can't have as many snacks as they use to.
5. Since there is minimal or no movement, I suggest one puts on hold purchasing things like clothes and shoes.
6. On a normal period I would suggest moving into a cheaper house but this would not be an option to give. This is because of the hassle involved in moving houses and even looking for a house. I would however suggest negotiating with your landlord on a later payment plan and have it in writing. In addition, a new house will need a deposit.
7. Negotiate with your employer to work one week home and the other in the office where possible. This will not only cushion you financially but also health wise.

In summary must  haves of survival include:
1. An open mind to see hope in the face of calamity.
2. Realistic budget and one that is adhered to.
3 A family crisis meeting to ensure all members of the household ( the nanny included) understand on the need to be economical with their use of household items.
4. Find a way to negotiate with creditors who range from landlords to loaners.

It's not as bad as we are making it. Things will look up. I believe God is in control. We are learning to be humans once and it's time to just slow down. We are learning what is really important.