Money during COVID times.
MoneyTips in times of Coronavirus. 💰
One of the things that "worry" me the most about this whole thing is the impact it already has in the world's economy.
I've been reading a lot about what the top economists have to say, and here are some of the best advice I've gathered from them:
Avoid buying products you don't need. This is not the time for luxury and waste. Prudence in consumption is crucial to avoid generating indebtedness that exceeds its ability to pay.
Prepare an emergency budget that clearly defines the amounts of expenses you could bear during periods of isolation. Take advantage of your stay at home to reduce food costs.
Restructure your financial priorities. Create a future plan for How this experience can help you focus on better money management.
Don't succumb to the FOMO syndrome. Avoid stocking up on toilet paper or food in fear of supermarkets being empty. Save that money for actually necessary things. Just take a shower, for God's sakes.
Control your consumption of water, energy and gas. Those bills will come back somehow.
Take advantage of the crisis to create opportunities. If you did not have an emergency savings fund or are in debt, list each, calculate your total income and expense capacity.
Create a list of the five basic economic priorities to solve immediately: roof, food, health, services, communications and review the areas in which you could reduce costs without affecting your quality of life.
If you have cash, use it to pay for things so you avoid generating interest on purchases with credit cards.
Take advantage of the quarantine to develop projects from your field: virtual consultations, classes or paid consultancies, etc. Time is money. Don't waste it.
