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Tips to Prepare Your Finances for a post-Covid life

The pandemic that arose from COVID-19 has developed new consumer trends that are reflected in the need to adapt to the situation and to prepare society to face the reopening of the economy in the country.

Many have seen new business alternatives in the pandemic, some, due to the current dynamics of their jobs, have not felt a major impact on their finances and their work has developed normally but there are a considerable number of people who have been strongly affected by this emerging situation and which is keeping the world economy in suspense.

However, the federal government has managed, together with the states, several alternatives and actions to support people who are unemployed due to the pandemic. You can get more information by visiting the following link: https://www.usa.gov/unemployment

Here are some additional tips to help prepare your finances for the life that awaits once COVID-19 crisis is over:

Evaluate your current situation: It is possible that during the confinement your finances have changed and you have had to designate more money in groceries and payment of services, possibly you have saved on entertainment and gasoline expenses, however, now that the economy is gradually improving , it is important to identify main expenses and avoid getting into debt, not to spend money on items or services that are not strictly necessary until you have recovered your financial stability by 100%, since it is essential to create a budget for monthly expenses.

Deferrals or deferred: Remember that bank deferrals will not last forever and it becomes necessary to create a plan that allows you to identify how much money you can allocate to your banking obligations, in this way you will not neglect your payments and it will not affect your credit life.

Digitization of finances: Within this broad spectrum that financial institutions have implemented for their clients, there is a new trend to improve digital tools and many, in this case, have developed new applications that allow controlling finances without leaving your home. The options are multiple, ranging from the automation of services, specialized consultancy and detailed applications that help control expenses and more accurately determine your budgets. This becomes a vital stimulus to improve financial “health” and in a certain way to better structure savings.

Increase your income: You can obtain additional income through Freelance work that you do and that adjust to your particular skills, graphic design, copywriting, translations or looking for a place that allows you to attend for hours to fulfill additional tasks, this additional money could be saved  for emergencies and continue using your usual earning toward your priority expenses.

Enter the game of pricing strategies: This is not for everyone, functional or perhaps it is considered unnecessary to inquire about the prices of goods and service in the market. In many cases, simply you buy what you want. In the same way, it is evident that there are no single suppliers of goods and services, and among them they are constantly on the radar, due to competition issues, that is why they “play” with the prices of the articles or services. .

It would be ideal to be a silent and hidden spectator in this framework of pricing strategies, so that the highest bidder can be identified at the right time. This simply requires planning of needs, constant monitoring of networks or key establishments, which constant purchasing from them generates significant savings.

Offers: In many cases, promotions in commercial establishments seek to get out of obsolete inventory, or failing that, to sell in large quantities items that are trends from past collections.

These opportunities should not be missed, promotions are a window to savings, it may be large quantities of products, but you can even partner with family or friends to make this type of purchases or acquisitions.

In any case, if the above alternatives does not interest you at the moment, remember that you are not alone, the federal government has provided a number of alternatives for its citizens. There are loans or grants that have been developed to alleviate the personal financial situation, it contains defined modalities for the most relevant needs of North American citizens, such as: loans for housing, education, or some for a particular situation to aid in overcoming this financial crisis.

You can find more information in the following link: https://www.usa.gov/grants, where you can identify all the grants provided by the government and the requirements to access to them.