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The past few months have probably been the toughest of our lives financially due to the stresses of COVID-19. The economy has taken a nose-dive, businesses have struggled to stay afloat, and personal finances have been difficult for many people. Thankfully for many parts of the world things are beginning to adapt to a ‘new normality’ and hopefully, economies, businesses and personal finances can start to return to normal. But what happens if you were unfortunate enough to become redundant during the pandemic? Here are some tips on how to control your finances while you get your life back on track after redundancy.
Pick up some freelance work
A great way of making fast money is by picking up some freelance work. Perhaps you’ve got a keen eye for graphic design, or you’re particularly good at proof-reading? Whatever your skills are, put them to use! If you’re not sure where to start, head over to websites like Upwork and Fiverr to showcase your skills and apply for suitable projects.
Cut back on luxuries
To help take care of your finances during this difficult time, it might be a good idea to cut back on the luxuries in your life, but that doesn’t mean you have to cut them out altogether! For example:
- Choosing a cheaper tariff for your mobile phone to help save some money. Alternatively, you could switch to a Prepaid Bill so you can keep an eye on your outgoings carefully.
- Opt for cheaper brands with your groceries. You’ll often find that the store-brand version is just as good – if not better!
- Walk instead of driving as much as possible; you’ll save an amazing amount of fuel each week!
Call your providers and explain your situation
Thankfully, everyone is in the same boat and completely sympathetic to the situation you’re in. Calling your providers and explaining your situation may help in the long run as they may be able to help set up a payment plan, or even find a cheaper tariff for your gas and electricity to help see you through.
You should also inform your landlord of your current situation as they may be able to give you longer to pay your rent and in some cases, may be able to give you a payment holiday.
Call your bank
Much like your providers, your bank will also be very aware and considerate of your circumstances – and they may be able to help more than you think! While the idea of taking out a loan might not be appealing at the moment, your bank may be able to offer you something to help see you through until you can get another job and your finances back on track. Give them a call and see what they can do to help you out!
The pandemic has been difficult for everyone, and it’s important to remember that you’re not alone! Take these steps to help control your finances and remember, don’t be afraid to ask for help!
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