How to Be Financially Prepared Amid the Coronavirus Pandemic
The spreading of the coronavirus grows by the day, and not only does this pose a threat to people’s health, but it also has serious financial repercussions. A study in the UK found that about 43% of people between the ages of 55 to 64 have no money set aside for emergency cases like illnesses, unemployment periods, bereavement, and the like.
This is not a hopeless case, however, because there are still options available for people who are struggling to make ends meet during these challenging times. Like in the case of people in the UK, there are benefit claims like the Universal Credit from the government or Statutory Sick Pay from employers. They could also look into charity grants that provide financial support to struggling citizens.
Another concern is job security, people are worrying that they will suffer financially due to the pandemic especially if they become infected. Not only will people be worrying about their safety in terms of health, but they also have their financial security to consider and formulate a solution to.
There are also several ways to financially prepare for whatever might happen in the near future. It is of absolute importance that people have cash savings in place. These times are extremely unpredictable, so we always have to be ready to face any circumstances that may arise.
Losing a job, getting sick, or be faced with a bill you did not expect to come in. Studies in the UK have found that every year 71% of adults receive an unexpected bill, and over 11 million people are not equipped to pay for it.
One thing that people should do is to calculate monthly expenses like mortgage, bills, food, and others. Look into how much you would most likely spend in a span of three or four months and try to have that amount readily available for use.
If you currently do not have any savings, workaround with the money you currently have and try to build on that. The important thing is to always have cash on hand in case anything happens. This could help prevent you from turning to loans that might leave you with more financial problems.
These are very hard times, indeed. But the least we can do is so prepare for every possible scenario to the best of our abilities. We might not have total control over the situation, but we do have control over how we deal with it. And we need to make wise decisions now more than ever.
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