How to manage personal finances during coronavirus crisis

ArticleHow to manage personal finances during coronavirus crisis


Are you working from home? Worried how are you going to sustain paying your bills if you don’t get this month’s salary?
Well, don’t worry. Most of the worst financial decisions are taken only in a panic state of mind.
Here we list some points which you can consider while managing your personal finances amid coronavirus outbreak:

Make a list of the changes happening at your house

If you and your spouse have started to work from home, then obviously the electricity bills may increase over the next weeks. If children are no more played outside house, they would definitely like to keep themselves engaged in computer games and Amazon Prime / Netflix shows. Be ready to pay the subscription fees. If your parents are not allowed to meet their friends or go to their laughter clubs, then they would expect you to help them with connecting with their friends and relatives on WhatsApp / Skype / mobile calls. Be patient and kind!
You need to consider everyone’s request and needs in preparing your financial chart as that will only help to have peaceful state at home.

Check your bank accounts and get detailed finance summary

Since your personal and family expenses are going to increase in the current scenario, you need to check the availability of finances at home as well at your bank. Have you saved enough in your emergency/crisis fund? Or are you going to break the fixed deposit? Or are you going to ask everyone adjust and contribute to support you in this challenging phase? Choice is yours. But ensure that you don’t take a decision after thorough thinking and having a detailed financial summary in front of you.

Relaxation is the key for a good financial plan

Well, you may wonder what has relaxation do with finances? But let me tell you that the more you worry about your future uncertainty, the more you are going to take abrupt financial decisions. You are not going to keep only spending or only saving. You need to have a balance of both. Future is definitely unknown but HOPE is vital. If you believe in your capabilities, utilize your current time at home by learning new skills, spending quality time with family members and encouraging fruitful discussions on a daily basis, you will pass through this difficult times in a smooth way.

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