COVID-19 vs. My Personal Finances: Who Will Win?
It is undeniable that the pandemic and the ensuing lockdown have damaged many industries – and small business was not spared either. Whether you are an entrepreneur of a professional employed by a local business, you would have felt the weight of this year’s situation. With a financial crisis getting closer at any minute, it isn’t easy to see the silver lining. However, there are bright opportunities around every corner, if you know where to look.
Firstly, don’t underestimate the working from home trend – it is in full swing, and it is here to stay. Even if you have been struggling with the new way to conduct business and communicate with your colleagues, it is now the time to take the leap.
If you are a small business owner and can translate your services into online offers, this is the right time. Invest in a laptop, microphone, and headset, and you are ready to broadcast your skills to an international audience.
Settle Your Debt
Your current debt is what is holding you back. Even if you have been saving up in the past years, you know that there is always something that you will have to repay. Ergo, your savings are not actually yours. However, this can change, especially if you are ready to commit to a debt settlement plan. You can solve the situation within shorter timeframes and start saving for your family’s future projects.
Start a Side Hustle
If you are now struggling from an employment point of view, it is easy to despair. However, if you have also always wanted to change jobs and find an opportunity that is more suitable for your passions and preferences, this is the time to take such a step. Indeed, you can become self-employed or work as a freelancer, offering the services you are already an expert on – all while enjoying the best work-life balance.
No matter how much you earn, managing your finances is at the core of your prospects. Indeed, many of us tend to live beyond our means and often forget to start a fund for education, retirement, or emergencies.
Hiccups are likely to happen, and these plans can help you navigate through the toughest situations. Remember, there is never an excellent time to start saving. However, today’s efforts can easily turn into bright future opportunities for you and your family.
Start an Emergency Fund
Emergency funds can be life-saving sums! You might momentarily regret not buying that coat you had wanted for a while with the same money. But emergency funds can help you deal with a dramatic situation without worrying about its financial aspect.
Even better, if you have several funds, you can dedicate each of them to a specific goal! Education, retirement, wedding, and baby funds are popular for a reason!
There Is Always a New Opportunity to Seize!
While the economic landscape does not seem favorable, new opportunities are sprouting. The seedlings of these chances might still be small and timid, but they have started to outline a future of business that is mostly remote. Therefore, bringing your business online and offering delivery services is the first step to remain competitive.