How to cope with the crisis if you don’t have savings?

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The pandemic has generated a financial crisis in many economic fields around the world. All this time, there were people who managed to save money they would have spent on vacations and shopping, but also people who, due to job loss, were left without savings. Those who do not have money set aside are faced with great stress, rightly so. Maybe you are among them or maybe you have the money invested and now is not the time to sell anything, just keep everything as it is, so as not to lose money.

Here are some measures that can help you cope with the crisis if you don’t have savings:

Plan your income (I) and expenses (C) for the next month. Analyze it carefully: if I <C, your financial situation is exceeded by expenses and you should optimize them. Make a list and buy only what you need; don’t invest in things you don’t need during this time. There is money spent on impulse or boredom and, in addition, someone else may even have a real need for those products. By optimizing your expenses, you will be able to balance the balance of your budget, so that you are no longer at a loss. From the moment you I> C, you have the opportunity to start saving money.

In order to increase your income, evaluate your skills and abilities, and analyze some methods of supplementing your personal income. Absolutely anyone can find alternative activities to the daily job, with the help of which to supplement their monthly income. You can also take an online course, even for free, which will pay off your time investment as soon as you start earning from it.

Try to minimize your monthly bills. Even if it is not absolutely necessary, this will help you save more money. For example, if you have a subscription to a telecommunications company worth 15 Euros, you could opt for one of 8 Euros per month. At the same time, check your other bills and see where you can lower the values, reducing consumption.

If you have debts to the bank, try to request a recalculation of monthly installments or a refinancing of the loan. It may be that due to the recent change in loan conditions, the bank may offer you lower interest rates than those contracted in the first phase.

Try to relate more, to socialize with more people. You never know what job opportunities you have. One of your acquaintances might recommend you for a well-paid job, and a recommendation is often better than a resume.

How are you coping with the economic crisis? How many of these measures have you checked and which of them are you still working on? Do you have any other recommendations to prevent the negative effects of the financial crisis?

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