Many consumers are facing financial uncertainty at the moment. Here are some quick tips to help you manage your money during lockdown, quarantine, and the Coronavirus crisis as a whole:
- Don’t take on unnecessary debt. Avoid using your credit card to cover your costs; instead, look for ways to reduce your spending.
- Don’t spend money that you don’t have. Save wherever possible, and look for ways to reduce spending on non-essential luxury expenses. This short-term sacrifice will help your financial health and stability in the long term.
- Don’t cancel your insurance or medical cover. This could expose you and your family to greater risk, and you may have to pay higher premiums or lose benefits in the future. Speak to your provider about possible ways to reduce your premium, rather than cancelling a policy.
- Be cautious and conservative with your spending, and try to avoid making any major financial decisions or purchases until your situation has stabilised.
Always speak to a professional, like your bank or insurance provider, for the best advice. Avoid taking financial advice from family and friends.
