Keeping Yourself Financially Secure amid the COVID-19 Pandemic

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The COVID-19 crisis has disrupted lives in various ways. On top of this is how the pandemic has affected livelihoods and businesses. While some lost their jobs, others closed their enterprises for good. It’s apparent how many individuals have become financially constrained during this pandemic.

It’s been almost two years since the COVID-19 outbreak got declared a pandemic. As the restrictions have become lighter and businesses have reopened, you must have financially gotten by. If not, you must know and understand what it takes to become financially equipped amid the crisis.

That said, here’s how to keep yourself financially secure during this pandemic:

1. Keep your job

It’s no secret how many individuals got laid off during the onset of the pandemic. But whenever possible, strive to keep your job amid the crisis. Why? You need a source of income now more than ever.

Unfortunately, there has been a great resignation happening worldwide. In fact, the U.S. Bureau of Labor Statistics reported approximately four million Americans having resigned from work in July 2021. If your physical health and mental well-being allow, strive to keep your job as much as possible.

2. Keep your business afloat

Many small and medium-sized enterprises (SMEs) permanently shut down due to the COVID-19 pandemic. It’s good if your business is one of the fortunate ones that have managed to survive. But as much as possible, you must do what it takes to keep it afloat.

There are many ways to do so, such as having digital transformation and employing online marketing strategies. Ultimately, properly managing your business amid the crisis will provide you with a consistent source of income.

3. Have a side hustle

Despite the massive layoffs and furloughs, the COVID-19 pandemic has paved the way for many side hustle options. And when it comes to this, going digital is the key. Yes, the web has become a goldmine of various online jobs.

For one, you can get into freelancing if you have some digital skills. You can try the following online freelancing sites to get some clients and offer your digital services:

  • Fiverr
  • Toptal
  • Upwork
  • Flexjobs
  • SimplyHired
  • Guru
  • LinkedIn
  • Behance
  • 99designs

Some online jobs you can work part-time for your side hustle are as follows:

  • Digital marketing
  • Search engine optimization (SEO)
  • Pay-per-click (PPC) advertising
  • Social media management
  • Video production
  • Graphic designing
  • Web designing
  • Mobile app development
  • Online teaching

cleaning services

4. Turn the crisis into an opportunity

It’s surprising how the crisis has turned into an opportunity for some aspiring entrepreneurs and business owners. In fact, new business applications have surged in the U.S. during the pandemic. The crisis has even turned laid-off employees into new entrepreneurs.

To make some money amid the crisis, take note of the flourishing industries and consider launching your own business. The U.S. Chambers of Commerce has identified thriving sectors during this pandemic, as follows:

  • Cleaning services
  • Delivery services
  • Grocery stores
  • Fitness equipment suppliers
  • Landscaping companies
  • Telehealth services
  • Mask makers

5. Cost-cut on your expenses

When it comes to finances, the rule of thumb is to earn more than you spend. If you think you’re receiving less during this pandemic, consider cutting some of your expenses. There are a handful of ways to cost-cut. But of course, make sure to prioritize things such as daily food consumption and monthly utility bills.

It’s good that the pandemic restrictions have helped you save on your gas expenses, work expenditures, and outdoor recreational costs. You might not be able to reduce your premium for your high-risk auto insurance because it’s important, but consider cutting unnecessary expenses such as certain subscriptions.

6. Use your emergency fund and budget

There are some good reasons you have an emergency fund. It’s time to use this fund, given the COVID-19 pandemic. As per financial experts, an emergency fund should allow you to live for three to six months without any source of income. It must be able to cover all essential expenses.

But it’s been almost two years since the COVID-19 crisis first broke out. As such, you can no longer solely rely on your fund, so budgeting is the key to financial security. If you’re still earning, make sure you earn more than you spend. If you have no source of income yet, consider those recommendations above, whether launching a business or pursuing an online job.

At this point, you now know how to keep yourself financially secure during this pandemic. Consider some financial recommendations above, from keeping your job down to setting your budget in place.

In unprecedented times, you must be wiser, more decisive, and more deliberate in your decisions and actions. Ultimately, doing so will help you become financially equipped amid the COVID-19 pandemic.

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