How to Survive Quarantine? When family income is rapidly declining, and many simply freeze, it’s time to think about financial literacy and savings. Work.ua collected the most popular questions regarding money and found expert advice on them.
Under strict quarantine, 57% of Americans will be able to sustain financially no more than four weeks, 6.9% have savings for several days, 6.3% for six months or more. It is said in a study by the company’s Degree.
Jobzey.com gathered the advice of those whom we trust. We hope that they will be able to help you, better manage your personal budget in these difficult times.
Analyze financial habits
As for the family budget, costs, now you need to not just look at your budget and cross out the unnecessary.
“Time is not just to cut costs, but to completely review them. Multiply by zero and write on a blank slate what you cannot live without. This is the first step, ”advises Work.ua financial director Alexey Stepchenkov.
Check if your tariff is optimal for your mobile operator (maybe you need less GB while you are at home), a cable provider (whether you watch all those channels, or you can arrange a package easier, refuse at all), review all your subscriptions and automatic withdrawals from cards. Spend money only on the necessary – food, medicine, utilities.
Save on bad habits, get healthy
For example, quitting smoking can save you a lot of money, especially if you count how many packs of cigarettes you buy per week, month or year. Make a menu for a week, and then write a list of products necessary for a healthy diet for the whole family.
“Review your usual purchases. It is possible that you buy something, for example, milk or the same buckwheat, because of the packaging, but in the cheaper segment, they are no worse. On a general check, it will be palpable. Even when planning your purchases, the main thing is not to miss anything, if you need to take a taxi to the store where the products are a bit cheaper, and you can go to the more expensive one, it’s better to choose the second option, ”says Alexey.
Limit spending on alcohol and sweets that sharpen your budget day after day. This will help you not only save money but also keep your health.
Try to reduce your apartment rental fee.
Director-General of Work.ua Natalya Pankratova advises when talking about a decrease in rents not to ask how much you can reduce, but clearly say how much you can pay.
“Now everyone is confused, and firmness and concreteness can play a role. Therefore it is better:
- to say no 70% discount – it sounds like a lot, but I will pay 30%;
- negotiate until the end of quarantine + for example, the same period after, and then negotiations again. Or immediately agree on 3 months or six months, and then look;
How to Survive Quarantine
- if the owner refuses to reduce, and you have no options, then you can agree that you pay what you are ready, and when he finds tenants to pay more, you will move out within the agreed period (this is inconvenient, but, believe me, it will be very difficult now find new ones, so this is also an option in negotiations);
- be sure to choose the right way of communication. For some, this is correspondence, for someone – a phone call.
As an option, you can agree that you will make cosmetic repairs in a year (wallpaper there, painting) at your own expense, but now you are ready to pay 30%.
Most have a loss in income, many of them will return home, apartments will be vacated, landlords need to talk about it. ”
Do you need to keep money on deposit? Yes, if there are any
The situation with coronavirus should not affect the decision to open or close a contribution. An account must be opened when there is something to save, and in a bank with Western capital or in the state. Urgently terminate the contract and lose interest, too, do not rush, if this is not an emergency measure, without which you can not do.
Do not buy excess currency
It’s better not to sell the currency, unless this, of course, is a forced decision and the money is needed for food. But do not get excited and buy dollars for everything to the last penny. Because then it turns out that there is nothing to buy bread or to refuel. And it will be very disappointing to take the currency back at a lower rate.
“If you bought $ 100 from each salary and saved money this way, and now you still have such an opportunity, continue. The course has no prerequisites to return to the figure 24. But it should not jump above 30 after the adopted laws, ”Aleksey believes.
Real estate – wait
If you were among those who saved, saved and was about to buy housing, but then quarantined, and you began to doubt, the financial director Alexei Stepchenkov advises you to wait. Provided that such an opportunity exists and you have where to live.
“When the economy slows down, real estate prices begin to fall. And here is a matter of time. Now everyone is still selling at the old price, but in two or three months, when demand will fall due to a decrease in purchasing power, this will certainly happen. ”
With a car – view offers
Yet again. If you saved up, saved up currency and already dreamed about how you are going on your next vacation in your new car, but now you don’t know whether it is worth buying it at all, take a look at the offers of different dealers. For those who fixed the prices in hryvnia at the old rate, you can purchase it very profitably.
Do not take loans for consumption
The key condition for big and long-awaited purchases now is that you really don’t have anything without them, you saved up money for them and were just about to make them. But just not a loan.
A crisis is a fall in real income. And the movement of courses here is not particularly important. Whatever inflation, banks will not work at a loss. Despite the fact that at the time of quarantine, Ukrainians may not pay on mortgages, and banks are forbidden to fine their customers for late payment of consumer loans and raise interest rates on them.
The quarantine will end, and it is better to assume that during the first crisis month others will come, even more, crisis ones, that incomes will fall, and in order to repay today’s loan tomorrow, you may have to sell things.