If you are a business owner during this Coronavirus, chances are your business activity has been significantly reduced, making you think about reducing your staff, and how to make payments to those critical necessities.
If you have checked with a dependable financial advisor, you are bound to be aware that this Coronavirus will continue spreading until the majority of people commit to staying indoors and keeping a good distance from other people, as well as wash all hands often with soap and hot water. Some health officials expect the number of cases will continue rising through the month of April. Once we have reached a peak of infected people, there is a chance for the Coronavirus to begin subsiding — though nothing says as how long that will take.
Even if we are fortunate enough to begin reducing cases after the month of April, for many businesses it will be too late to recover. Consequently, a very large number of employees will have lost their jobs. With this in mind everyone should evaluate their financial status now, then work hard to reduce your debts/expenses, as well as do all that is possible to seek additional ways to earn more money.
Some of your expenses can be reduced, i.e. a) controlling your home’s thermostat more closely, b) reduce the use of electricity and gas in your home. c) Manage a tight control of grocery purchases, scrutinize any unnecessary spending, etc. d) Eating out is usually more costly than cooking at home (plus restaurants are closing). e) Running around in your car can increase the use and cost of your gasoline. f) Keep healthy to avoid doctor visits.
These steps may sound discouraging, but these can allow you to make your money last longer. During such stressful times, you can be your worst enemy if unable to control your spending habits. If it helps, keep a spending journal to make you aware of where much of your funds are going. There are many ways that we are all guilty of “wasting our money”: a) buying unnecessary gifts, b) eating out too much, c) splurging on sweet treats, etc..
By following these suggested ways to better manage your finances, you and your family will be more apt to survive these difficult times. This is just another example of a “Change” in life that most of us face more than once in our life times. Be patient with yourself and your loved ones, and “this, too, will pass“. Be patient and persevere.