5 Ways To Manage Your Money During The Lockdown

Budgeting in lockdown

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.

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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.

Computer 10,000.00
Mobile Phone 7,000.00
Pair of Shoes 5,000.00
MP3 Player 3,500.00
Bag 3,000.00

 ESSENTIAL BUYING: Buying essential items preferably in bulk can go a long way in helping you manage and save money after the lock down. If you must shop this period, ensure that the things you spend on are essential, the important thing is that you avoid ostentatious buying.

USE TOOLS OR PERSONAL FINANCE APPS: for those finding it quite difficult to curtail excess spending, there are helpful apps that you can use to help save your money but before you use any tool you need to be sure of its safety. Apps like Piggybank are recommendable personal finance application.

INCREASE YOUR SAVINGS: Saving is an important aspect if one must effectively manage money, first thing you need to do is to establish a savings target—one that tells you approximately how much you should set aside over time to meet your goals. We hope this helps solve your financial stress pending the time things gets back to normal. Until then, ensure you stay safe always and don’t forget to maintain social distance.



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