With the COVID-19 pandemic, many people found themselves in a challenging financial situation overnight, due to job losses or salary reductions, among other reasons. The market is going through a difficult time and, to be able to hold on until things get better, it is necessary to be creative.
In an exclusive class for LIT students, Professor Michele Nascimento Jucá (also responsible for the Fundamentals of Valuation course ) gave some personal finance tips that can help you keep your accounts up to date even in times of crisis. These are small actions that, together, can make a difference at the end of the month.
Check out some tips for dealing with personal finances in times of crisis:
Set your budget
To start planning and facing the problems brought about by ghana whatsapp data the crisis, you need to have a general diagnosis of your current financial situation. To do this, the first step is to write down everything you earn, as well as all your expenses. This will allow you to reflect on what is really essential to keep and what can be rethought or eliminated. Furthermore, it is also based on this diagnosis that you will establish your budget for the week or month. With an overview of your financial life, it is easier to control and organize it.
It's time to save
In times of crisis, we often have to be creative in order to save money in different areas. The professor gave some recommendations for savings that may often seem small, but can help a lot to improve your finances.
It is possible to negotiate!
Once you have your budget drawn up and are aware of what you can actually spend, the teacher suggests that you negotiate bills and debts. Sometimes a simple conversation can be a good way to find a solution that is beneficial to everyone. But remember that in a negotiation it is important to be transparent and only commit to what you can actually fulfill.
Additionally, it is also possible to negotiate some services. Examples of this are gyms and parking space rentals, for example. Due to the quarantine, these activities have been temporarily suspended and it may be a good idea to talk to these service providers to find a way to save money without harming them.