Image by Andrew Khoroshavin from Pixabay 

While managing your finances well is always an important thing, times of peril really magnify its significance. The Covid-19 pandemic has thrown a lot into uncertainty. Many people have lost their jobs or have been put on furlough. People around the world are worried about their personal finances. Now is the time to not only save as much as you can, but to take a look at how much money you have and what you can do to spend less on a monthly, weekly, and daily basis. Whoever you are, managing your money is as crucial as ever. 

Covid-19 & Loss of Work

If you are one of the many people who has had to take time off work due to the coronavirus pandemic, there are some support measures in place that you can take advantage of. Are you facing a drop in income? If you’ve been laid off or put on short-time work, the government will cover up to 80 percent of the employee’s salary through grants to businesses as well as a range of change to the benefits system. The income support scheme might cover up to the same amount, 80 percent of your profit based on tax returns if you’re self-employed. 

According to the site MoneyPug, which is used to find payday loans, instead of taking out finance you might need to apply for Statutory Sick Pay (SSP) if you have to take time off work. Assistance could also come in the form of Universal Credit or Employment and Support Allowance. However, they can be considerably less than what you are used to living on. A Jobseeker’s Allowance can be claimed if you are a member of the gig economy and your income dries up. 

What You Can Do

Coronavirus might make you feel like you don’t have control over of your life, but you do. You need to use your agency. First of all you have rights. You should know what you are entitled to if your ability to work is affected by government regulations to mitigate the impact of Covid-19. When you know what your rights are, you can better prepare for the future. 

First things first. You need to start saving some money. In an uncertain world, a savings is always a positive. There are plenty of ways to do this. One thing you can do is start an emergency budget. This is money you put away solely for the purpose of using it when an emergency happens and there are no other options. Having this sort of budget will enable you to keep peace of mind and pay for things when tragedy strikes. 

Check your Insurance Policies

It is important to always check whether you have insurance policies that would cover your mortgage payments. They could also replace some of your income with payment protection insurance, mortgage payment protection insurance, as well as accident, sickness, and unemployment insurance. While these types of insurance are often offered with life insurance policies or mortgages, it’s easy to forget you have coverage. Typically it takes several months before these policies payout. Talk to your insurer frequently to ensure you get the most you can.

Make a Budget

Perhaps the most important thing is to determine how much money you should be spending during this time. This will differ from your normal amount. You will have to create a new budget to accurately see how much money you will need to save, put away, and make during the next month or two. It is always imperative to create a budget. Knowing how much wiggle room you have is essential. 

Keep Up with the Regulations

Since this is a nearly unprecedented, lawmakers are also making this up as they go along. You should always be in the know about your state’s action on rent, wages, and other crucial issues during this time. It is key to take advantage of every avenue of possible assistance. By paying attention, you will see to it that you have done everything you could to overcome this. 

Managing your finances is never easy, but during times of stress you have every reason to pay them mind. Keeping control of your money will provide an important way for you to have some say in your life. When you take on these simple steps, you are better able to keep track of your money and stay in control of your life.