Financial Tips for Life After COVID-19

June 27, 2020 by Justin Weinger

COVID-19 has changed the way we socialize and work. You have to wear a mask when you go out in public, and you have to avoid gatherings. That’s why most companies have allowed their employees to work from home. Unfortunately, some businesses have had to close down leaving former employees without a source of income. If you’re struggling financially, curb your expenses, and go for that relief check. Here are more guidelines of what you can do once life gets back to normal.

  1. Let Go of the Past

The first thing you want to do is to accept the financial consequences of coronavirus. Yes, the events that unfolded were out of your control, but that doesn’t change the outcome. If you were laid off, your boss had no other option. Don’t hold a grudge against them because they were also doing their best to survive. You can’t continue to live in the past because it will drain you. Instead, use that energy to move forward and decide your next financial move.

  1. Look At What you Have

The next step is to check your assets and liabilities. How much cash do you have remaining in the savings account? What about the money that people owe you? If you follow up on the receivables, how many will pay without stalling? What about your debts? You have to know what you have so that you can plan well. 

  1. Create Smart Financial Goals

Unless you do something, you’re not going to be financially stable. Don’t pay attention to what people are saying because they can be negative. Right now, you need to focus. Let’s say that your mortgage refinance application was approved and now you have more cash to work with. How can you clear half of that debt within the next five years? How much income should you make to be able to set off that loan? Are you going to look for a job or start a business or both? You can still have an 8-5 and manage a side business especially if you have done it before. Assuming that you didn’t accumulate additional debt during the crisis, you can reach your goal with some financial discipline.

  1. Have a Plan

You cannot achieve your financial goals without a plan. Let’s assume that you were laid off and have been surviving on your savings, how will you get another job? Will you contact your old boss or do you have a connection that you can use to get employment? Since a 9-5 job is necessary for you to achieve your goal, you should know how you’re going to get permanent employment. You could use a recruitment agency. Next, what kind of side business are you going to do? Perhaps you had an e-commerce side hustle before things went sour? Do an internal analysis of the business. What was selling before? Why did people stop buying? You should also do market research to find out what people want today. That’s the only way you’re going to get your side business back on its feet.

  1. Do It

So far, you have spent the majority of your time defining objectives and creating plans. The final step is to act on those plans. Wake up early in the morning and go to a recruitment agency. Give them your resume and tell them the kind of job you’re looking for. Analyze the backend data of your eCommerce website to understand consumer behavior.

When life returns to normal and scientists discover the COVID-19 vaccine, use the above tips to restore your finances. As long as you know what to do, you won’t panic. You’ll persevere and follow through with your plan. Depending on the deadline that you created for yourself, you’ll be back to your old self in no time.

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