Many companies out there complied with the government issuance to send all their workers home in order to prevent the propagation of the coronavirus. The concept of working at home is the coal needed to keep the economy going and with the proper tweaks it could be the perfect match for workers everywhere. On the jobs side, working at home is a great way to avoid many negative impacts on productivity, as long as workers adequately grapple the breach between work and home activities.
Everyone struggles with changes at first, but it’s how we deal with those changes that the best results emerge from all the chaos. For instance, you now have more time to focus completely on your 9 to 5 schedule, no more rushing to get that morning coffee or getting stuck in traffic will most likely have a positive impact on your productivity levels. Perhaps this time will open the door for a better financial life, as it will give a well deserved break that your wallet and credit cards needed, or even to set up better pocket-friendly plans for your week’s meals.
This article is meant to tackle some negative impacts of quarantine while offering several financial options to make it through this new forced lifestyle. It will begin by presenting a few financial advice while inviting readers to check out some of the online opportunities out there to make this quarantine experience a great opportunity to bounce back financially.
It’s a Great Time to Find Money Drains
Being quarantined might release a series of unexpected changes and different types of eye-opening situations, so let’s begin with an expenses overview. Setting up an expenses record and then categorizing your recent or last year’s purchases will give you a clear and more objective review on how you’re spending your money. The intention is not to be clichè, but rather create a new expenses routine, one that will set the bar high on the green line (earnings and savings).
You don’t need to build a very complex category for your expenses, but the secret ingredient is to keep track of every last one of your expenses. You can ease out this work by checking some online budget apps to quickly set up the pace. Now that you have figured out where your money drains, ask yourself which of these loop holes can be prevented while being quarantined and even better, when this is finally all over, why not get rid of it permanently? This is the first step to start off with both feet in the right direction.
Guide Your Finances Back to a Paved Road
By relocating your finances we mean to set up a solid, realistic long-term goal. If your plan is to earn and save more then we must warn you: set up a plan for where your money will be spent, because when the figures really start to show up and we have no idea what to do with so much money then you might easily fall into a trap called a spending-spree. Spending-sprees are very tempting, easy-to-fall-into situations, the most dangerous part about them is that it takes a while to recover from one. Blowing up all your savings can be quicker than a snap of fingers, and being quarantined many things like shopping become so tempting that your financial life might be hanging from a thread, unless guarded by a proper goal.
We definitely don’t have any kind of certainty to when this quarantine will end, and most likely we will need to adjust to a whole new lifestyle. So to tackle this uncertainty effectively and Lord knows what we will have to adapt to after it, then you need a goal and taking in account the first topic that was discussed, it could help to make a plan of the things you will really like to buy when this is over. Setting up real and solid long-term and short-term goals for earning, saving, and spending will help adjust to any upcoming situation in the future and will shield your finances from any external, or, even, internal threats, like a spending-spree.
It’s a Good Time to Find Side Gigs
Whether you have achieved the right balance between earning, saving, and spending and you understand where your money is going, now it might be the perfect time to increase your money flow. On the internet there are many online jobs that might give you that financial freedom and boost you were looking for, while keeping you busy during quarantine times. For instance, let’s say that you are have just become a home-school teacher and now you are spending more time preparing for a virtual 7 to 3pm virtual class schedule, and at the same time during working time you are having “free-time” gaps, then why not filling those gaps with a gig that might bump up your earnings.
Studypool is one of those online gigs out there where tutors can earn up to six figures or daily reported amounts between $100 to $300, and it also offers the opportunity to work with a very flexible schedule. Going back to the free-time gaps or maybe you finished your 7am to 3pm routine and you still want to take advantage of your productivity rush. Earning a little extra with an online gig that suits your current schedule, skills or maybe you want to revamp some of the skills you have but currently not use, is a perfect way to raise the financial bar from almost poor to being more than financially stable.
Put Your Money to Rest; Wake Up With profit
All of what we have previously shared will help bounce back financially during these quarantine times, but if it were to end real soon then we still have to deal with the identified latent threat when you bounce back financially: a spending-spree. One great way which perhaps many sources will tell you is to open up a savings account. This might sound like a grandpa’s advice, but here’s the most simple and excruciating situation: what’s more likely to be spent, money held in hand or money kept in the bank? Of course, there are tons of ways to access your bank account and create imaginary scenarios like “emergencies only” where you will be tempted to use your savings over and over again. But let’s be honest, these scenarios are usually excuses we tell ourselves, and when the real emergencies come, well, you can figure out the rest.
See, we know that there’s a part of your brain that keeps remembering how much money you have in a savings account, unless you are crazy rich and you lost track a long time ago. That idea sounds really nice: make lots of money by losing track on how much we have saved. And for that, we are talking not just about opening up a savings account, but a frozen savings account. If you never heard of this, then hopefully this turns attractive enough to you: in this type of account the interest rates are crazy high, but there is almost no way to withdraw that money except for the established date. It’s beginning to look like Christmas already, because by the time you get to withdraw your money, it will be with a much, much higher amount than expected (talk about a boost!).
Look for Good Advice, Even if it Costs You
And as a bonus, if you already have a great finance plan first-handed or you are willing to take your financial situation seriously and follow up some of the advices that we just described, then help is always appreciated, even if it needs a little investment. For that we recommend seeking out to financial advisors which are prepared professionals to really boost out your booming finances. In the finance world, these people are needed not only for those incredibly rich people who just don’t know what to do with their crazy earnings, but also they are the ones who make sure rich people don’t just magically become poor the next day.
We invite you to check them out, as you might be surprised that the help and advice received from these professionals is somewhat affordable and could help you boost up your finances even if the figures you have in your bank account are not that overwhelming. Perhaps they are just the secret formula you needed to turn your figures into what you always have dreamed off. So wake up from your rich fantasy and start building your dreams in real life with the proper help.
So in conclusion, we have guided you through this network to bounce back financially at these quarantined times. To take the short way: review your expenses to identify your drains, establish an ultimate financial goal, start a money-earning hobby, place a significant amount of your earnings on a savings account, and invest on the proper help to lift up your finances. We invite you to try any or all of these pieces of advice and if you already have tried them, then we would love to hear your story in the comments below.