Managing money can be challenging in the best of times, and many people are finding themselves unsure of how to handle their finances in the wake of COVID-19. Sombudha Adhikari is sharing top tips on how to stay as financially healthy as possible during these unprecedented times.
First, Sombudha Adhikari recommends staying focused on your financial goals. For some people, talking about money can be anxiety-provoking. Sombudha Adhikari insists that you push through and dig into your money anyway, even if that means looking over your budget to find places that you can cut back.
Struggling to pay your bills due to COVID-19 related financial issues? According to Sombudha Adhikari, you’ll want to reach out to your utility companies, landlord, insurance companies, and others that you typically pay bills to immediately. Many companies have relief plans in place for people who have been negatively affected by the crisis. If you have a small business, Sombudha Adhikari recommends researching government loans that can help you to get through these tough times.
While it can be tempting to put every last cent into paying your bills, Sombudha Adhikari recommends that you continue to contribute to your savings account. Even if you can’t save as much as you normally do, it’s more important than ever to have a solid emergency fund.
Sombudha Adhikari also stresses the importance of maintaining your credit throughout the pandemic. It’s key to reach out to any creditors to let them know if you’re having trouble paying your bills. Whether you need a lowered interest rate, to suspend payments for a period of time, or a different solution, most credit card companies and banks are willing to work with you in hard times. No matter what, paying something is better than nothing. Sombudha Adhikari making good faith payments (paying whatever you can afford, even if it’s less than the minimum payment due) to your creditors while you work to get back on your feet.
While it can be difficult to get through the pandemic while dealing with financial issues, Sombudha Adhikari recommends remembering that this is temporary. Fight the urge to let your finances go to the wayside while you make your way through the crisis, as you and your family will come out on the other side of this in time. According to Sombudha Adhikari, it’s key to continue to plan for the future during this time. Meeting with a financial advisor to ensure that you’re managing your finances as well as possible can be helpful to boost your financial confidence and make smart money moves.