So you’re keeping fit, eating well and practicing all safety precautions to keep your family safe from the Coronavirus.
But what precautions are you taking to ensure that you and your family are taking care of financially during the lockdown or should anyone of you contract the virus? And if you are one of the lucky ones to still be earning an income during these times, how can you help others in your community?
Here are four finance decisions to make during #Lockdown:
- Spend wisely
This is the time to be money wise and avoid unnecessary expenses. Assess your monthly budget and put away as much as you can to cover you in case of unforeseen circumstances. Across the world, job losses and pay cuts have been increasing as the effects of COVID-19 worsen. In Namibia, workers are already being retrenched and or losing their income so preparing yourself for any eventuality should be of top priority. While under lockdown, you are likely to stop spending on regular expenses like gym memberships, travel expenses or entertainment. Consider putting this money away.
- Get your insurance affairs in order
In an interview for economictimes.indiatimes.com, Suresh Sadagopan a financial advisor says that personal and life insurance are crucial right now because of the uncertainty over what the future holds. If you don’t have life insurance but are in the position to do so, now is the time.
- Consider a different investment option
Talk to your financial advisor to find out what your best options are during this pandemic and if you should consider relooking your investments.
- Give back
Take this time to think of those less fortunate by giving back in any way that you can. Find local donation drives meant to collect necessities and money for orphanages, care homes, and other underprivileged minorities. A local hero to support during this time is Pinehas Shikulo who has been collecting soap and water for people living in informal settlements. Follow him on Twitter @Zee_Bee_Yemwene to find out how to do your part in helping those less fortunate than yourself cope during this lockdown.