With the sudden implementation of the lockdown policy adopted by Governments all over the world as a measure to curb the spread of the deadly covid-19 pandemic, lack of preparation has led to massive panic buying in various affected countries of the world. Lock down
This also has led to a global financial problem. A lot of people especially those in the aviation and hospitality industries have unexpectedly lost their jobs or were temporarily laid off as measures by companies operating in these sectors to stay afloat. Of course, nobody actually saw this coming and blame games at this point is relatively unreasonable. So, the pertinent question should be “how have you fared with your savings?”.
Saving is a critical way to manage ones’ finance. However, before covid-19 pandemic struck the world, some people deemed it fit to save parts of their earnings for unforeseen future circumstance. When countries started initiating lockdown measures as a way of combating the pandemic, Nigeria and some countries of the world started implementing lockdown to cushion the effect of the hardship that the pandemic has caused. It is important to understand that since there is no known cure or vaccine that can effectively cure the virus, life may not return to normal as we all have known it to be.
This translates to all aspect of life especially as it affects us financially, a lot of people will remain without jobs and some will be forced to learn how manage their finance properly. To make things easier, here is what we have put together to enable appropriate management of your finance after the lockdown.
BUDGETING: This is one of the most critical aspect in managing finance, it is important because it deals directly with spending habits. A good budget helps to curtail unnecessary buying and helps you plan your available finance better. Interestingly, this has a good way of keeping our finance in check at the long run.
PRIORITIZE YOUR EXPENSES: One fascinating lesson we must have learnt from our basic Economics class in school would be ‘scale of preference’. This teaches how we could prioritize our needs and pay less attention to those wants that can wait. A scale of preference can be defined as the list of wants or needs that a person writes or comes up with in order of importance. We urge you to start using this method, it truly has a way of keeping your finance in check. Prioritizing your expenses accordingly is very important because it helps to ascertain the importance of what you need in a defined and budgeted order.
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