Friday, March 12, 2021

Keeping Financially Afloat In Spite of Covid

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2020 wasn’t the easiest year for many of us. 2021 has followed a relatively similar path. We’ve all been faced with an unprecedented pandemic, which has swept across the world and left chaos in its wake. While few of us could’ve been prepared for coronavirus and Covid-19, many of us are slowly getting used to living in a world where the presence of the virus and day to day lifestyle changes (implemented to slow its spread and save lives) are becoming more routine. We’re dealing with social isolation by keeping in touch through virtual aids such as video chats. We’re getting used to not being able to do many outdoor or group activities by picking up hobbies that we can carry out indoors, such as baking and painting. But one area that many of us are still struggling with is our finances. Many of us have lost our jobs due to Covid. Strict social distancing measures have meant that many companies have been unable to operate and have collapsed. Some of us have been made redundant, as companies struggle to keep up with wages. Some of us are operating on fewer hours or lower salaries. So, it’s not all too surprising that more and more of us are slipping into debt. The good news is that the re are steps that you can take to keep financially afloat in spite of all of 

this. Here are some suggestions that could help you along the way!

Seek Professional Financial Support

The first and most effective step that you can take to quickly get your finances in check is to use professional financial support. Financial advisors know the ins and outs of money management and will be able to take a look at your personal circumstances and advise you on how to get by without experiencing financial hardship. You can reach out to an independent financial advisor who will be able to help you rebudget, balance transfer your debt or consolidate loans through specialist finance companies and can advise you on what other help is available to you. Many different governments around the world are aware that their citizens are struggling, so there are various schemes in place that could prove extremely helpful to you. A financial advisor will be able to let you know which ones to apply for.

Know Your Rights

It’s also extremely important to know your rights during times like these. If debt collectors are trying to retrieve assets from you, it’s important that you know your options and what they do and don’t have a right to take. If an employer is trying to make you redundant, it’s important that you know whether you can legally be made redundant and what kind of pay out your employer needs to provide you with as a result of going through with this. If you’re ever in doubt as to actions someone is taking against you, make sure to get in touch with Citizens Advice or a lawyer who will be able to advise you on your individual circumstances.

While these are just two suggestions, they can really help you to keep your head above water and to manage your finances in spite of negative situations brought on by Covid. Use them to your advantage!

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