{"id":1184,"date":"2021-05-07T09:16:47","date_gmt":"2021-05-07T09:16:47","guid":{"rendered":"https:\/\/www.stremon.com\/?p=1184"},"modified":"2021-05-07T09:18:52","modified_gmt":"2021-05-07T09:18:52","slug":"managing-your-finances-during-the-covid-19-crisis","status":"publish","type":"post","link":"https:\/\/www.stremon.com\/managing-your-finances-during-the-covid-19-crisis\/","title":{"rendered":"Managing Your Finances During the COVID-19 Crisis"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">With the pandemic, quarantine, and the closure of businesses in many countries around the world and, concern about the management of personal and household finances increases, and citizens cannot avoid feeling uncertain about their financial situation in what remains of the year. You can get help from a personal loan finance company.<\/span><\/p><div class=\"aqwfl64d5633b89b5f\" ><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\n<ins class=\"adsbygoogle\"\n     style=\"display:block; text-align:center;\"\n     data-ad-layout=\"in-article\"\n     data-ad-format=\"fluid\"\n     data-ad-client=\"ca-pub-8209967072221559\"\n     data-ad-slot=\"2673331731\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/div><style type=\"text\/css\">\r\n@media screen and (min-width: 1201px) {\r\n.aqwfl64d5633b89b5f {\r\ndisplay: block;\r\n}\r\n}\r\n@media screen and (min-width: 993px) and (max-width: 1200px) {\r\n.aqwfl64d5633b89b5f {\r\ndisplay: block;\r\n}\r\n}\r\n@media screen and (min-width: 769px) and (max-width: 992px) {\r\n.aqwfl64d5633b89b5f {\r\ndisplay: block;\r\n}\r\n}\r\n@media screen and (min-width: 768px) and (max-width: 768px) {\r\n.aqwfl64d5633b89b5f {\r\ndisplay: block;\r\n}\r\n}\r\n@media screen and (max-width: 767px) {\r\n.aqwfl64d5633b89b5f {\r\ndisplay: block;\r\n}\r\n}\r\n<\/style>\r\n\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/ZEvETpgF7T8\" width=\"727\" height=\"409\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Define_Clear_Objectives\"><\/span><b>Define Clear Objectives<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-64d5633b8d7fc\"><span class=\"\"><span style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-64d5633b8d7fc\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.stremon.com\/managing-your-finances-during-the-covid-19-crisis\/#Define_Clear_Objectives\" title=\"Define Clear Objectives\">Define Clear Objectives<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.stremon.com\/managing-your-finances-during-the-covid-19-crisis\/#Place_Emphasis_on_Saving\" title=\"Place Emphasis on Saving\">Place Emphasis on Saving<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.stremon.com\/managing-your-finances-during-the-covid-19-crisis\/#Put_Off_Your_Trips\" title=\"Put Off Your Trips\">Put Off Your Trips<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.stremon.com\/managing-your-finances-during-the-covid-19-crisis\/#Maintain_Good_Health\" title=\"Maintain Good Health\">Maintain Good Health<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.stremon.com\/managing-your-finances-during-the-covid-19-crisis\/#Purchasing_a_Vehicle_For_Business\" title=\"Purchasing a Vehicle For Business\">Purchasing a Vehicle For Business<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.stremon.com\/managing-your-finances-during-the-covid-19-crisis\/#Do_Not_Panic\" title=\"Do Not Panic\">Do Not Panic<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.stremon.com\/managing-your-finances-during-the-covid-19-crisis\/#Watch_Your_Investment_Funds\" title=\"Watch Your Investment Funds\">Watch Your Investment Funds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.stremon.com\/managing-your-finances-during-the-covid-19-crisis\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n\n<p><span style=\"font-weight: 400;\">This contingency is going to happen, so project what you want 6 months, 1 year, and 2 years in your life to be. Manage your emotions. This means:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You do not move your money if you are not calm and serenity<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Before doing your shopping, make a list of what you need, and follow it to the letter when you are in the supermarket, or in online stores<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Put together your plan to get out of debt<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Make an inventory of your debts and plan how to accelerate the payment. Define strategies to have more cash flow, which is, having more free money after covering all the obligations and maintenance expenses.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Place_Emphasis_on_Saving\"><\/span><b>Place Emphasis on Saving<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Make the decision that from now on, you will save at least 10% of everything you receive. Carry out a daily inventory of everything you receive and spend, at the end of the month you will be able to identify in which areas you can change the strategy, and reduce what you pay, thus freeing up cash flow for savings.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Put_Off_Your_Trips\"><\/span><b>Put Off Your Trips<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you have a previous trip planned, you must review the flight cancellation policies and rethink your decision to put it off until after the pandemic has ended. If you have travel plans, especially to Europe and Asia, keep abreast of the changing policies, cancellations, and refunds that airlines are offering. Most of these companies have already sent communications and are planning their flights for future dates. If the company cancels the flight due to the coronavirus, you have the right to a refund of what you paid for the flight or change for another date.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Maintain_Good_Health\"><\/span><b>Maintain Good Health<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Invest in maintaining good health so you do not have to find yourself spending your budget more than necessary on medical expenses. Since there is not yet an identified treatment, there is no need to skimp on financial resources to keep personal spaces well cleaned, and spending on personal hygiene. Buying healthy food and vitamins is also a good investment.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Purchasing_a_Vehicle_For_Business\"><\/span><b>Purchasing a Vehicle For Business<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If the reason for the purchase of a vehicle is to create a financial asset and obtain an income, even if it is acquired with credit, and you have to pay a monthly fee, yes it is a good investment. Try to learn<\/span><a href=\"https:\/\/www.loanry.com\/auto-loans\/online-auto-loans\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"> how to finance a vehicle<\/span><\/a><span style=\"font-weight: 400;\"> so that you can be more equipped to gain from it rather than be in the negative. Otherwise, it is not the right time, since it would be creating more expenses, and it is time to reduce the level of indebtedness, free up cash flow and save.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_Not_Panic\"><\/span><b>Do Not Panic<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Avoid useless panic purchases. Do not fall into the fury of buying &#8220;cheap&#8221; flights, or especially expensive and scarce health products. The best thing is to stay alert to the official communications of the WHO, the airlines, and the health organizations in your country.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Watch_Your_Investment_Funds\"><\/span><b>Watch Your Investment Funds<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you have shares or participate in investment funds, do not make hasty measures. Stock markets are experiencing volatile moments. The uncertainty generated by the COVID-19 crisis has caused a downward trend whose limits are unknown. Investors tend to react to epidemics, but the long-term trend is positive and after the adjustments, markets usually take no more than six months to recover. This is a time to be very attentive to where your financial resources are going. You should save in financial instruments of low risk, good profitability, and preferably fixed income. Learn different ways to invest money.<\/span><\/p><div class=\"bsswy64d5633b89b99\" ><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\n<ins class=\"adsbygoogle\"\n     style=\"display:block; text-align:center;\"\n     data-ad-layout=\"in-article\"\n     data-ad-format=\"fluid\"\n     data-ad-client=\"ca-pub-8209967072221559\"\n     data-ad-slot=\"2673331731\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/div><style type=\"text\/css\">\r\n@media screen and (min-width: 1201px) {\r\n.bsswy64d5633b89b99 {\r\ndisplay: block;\r\n}\r\n}\r\n@media screen and (min-width: 993px) and (max-width: 1200px) {\r\n.bsswy64d5633b89b99 {\r\ndisplay: block;\r\n}\r\n}\r\n@media screen and (min-width: 769px) and (max-width: 992px) {\r\n.bsswy64d5633b89b99 {\r\ndisplay: block;\r\n}\r\n}\r\n@media screen and (min-width: 768px) and (max-width: 768px) {\r\n.bsswy64d5633b89b99 {\r\ndisplay: block;\r\n}\r\n}\r\n@media screen and (max-width: 767px) {\r\n.bsswy64d5633b89b99 {\r\ndisplay: block;\r\n}\r\n}\r\n<\/style>\r\n\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><b>Conclusion<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">\u00a0In this time of global crisis, it is important to assess one&#8217;s own situation and take into account the household budget in order to establish the minimum necessary income. On the positive side, there will be no expenses associated with transportation or entertainment, but the rest of the expenses should be maintained. Therefore, it is necessary to limit consumption of services as much as possible and plan meals in advance so as not to spend more than necessary. Be sure to stay informed and take rational measures so as not to make excessive expenses on food or medicine and that leads to a decrease in your savings. Visit<\/span><a href=\"http:\/\/www.budgetry.com\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">Budgetry.com<\/span><\/a><span style=\"font-weight: 400;\"> to learn more about managing your finances during and after the pandemic.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the pandemic, quarantine, and the closure of businesses in many countries around the world and, concern about the management&#8230;<\/p>\n","protected":false},"author":5,"featured_media":1185,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"https:\/\/www.stremon.com\/wp-json\/wp\/v2\/posts\/1184"}],"collection":[{"href":"https:\/\/www.stremon.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.stremon.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.stremon.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.stremon.com\/wp-json\/wp\/v2\/comments?post=1184"}],"version-history":[{"count":2,"href":"https:\/\/www.stremon.com\/wp-json\/wp\/v2\/posts\/1184\/revisions"}],"predecessor-version":[{"id":1187,"href":"https:\/\/www.stremon.com\/wp-json\/wp\/v2\/posts\/1184\/revisions\/1187"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.stremon.com\/wp-json\/wp\/v2\/media\/1185"}],"wp:attachment":[{"href":"https:\/\/www.stremon.com\/wp-json\/wp\/v2\/media?parent=1184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.stremon.com\/wp-json\/wp\/v2\/categories?post=1184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.stremon.com\/wp-json\/wp\/v2\/tags?post=1184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}