While it appears on the surface the COVID-19 pandemic has plateaued, and normal life is slowly returning, it is important to recognise the impact the crisis has had on economic stability – both externally and on a personal level.
Restrictions are being lifted, and many places that have been closed since March are now operating again, but a return to pre-COVID-19 spending patterns is highly unlikely, as consumers count the cost of what has, by and large, caused a giant hit to the hip pocket.
Now, more than ever, making informed decisions regarding your finances has become imperative, being sure not to jump into unjustified choices.
As such, outlined below are three key things to consider when formulating your financial plan for the future.
Manage your cash flow
In times of crisis, it is important to control what we can control. This means, in essence, making scalable cutbacks to unnecessary or overly excessive expenses.
Whether it is your mobile plan, switching utility providers, eliminating takeaway, or unsubscribing from a monthly direct debit, now is the perfect time for making changes to what you would consider your regular expenses.
Beware of scammers
When you are feeling under pressure to secure your finances during difficult situations, you can be more susceptible to falling victim to scams. Since the start of the year, more than 100 scams have been recognised in the system concerning coronavirus or a stimulus package.
Remembering simple security measures like not handing over your details on the phone or via email, particularly when you did not initiate contact, is a good starting point.
Plan, plan, plan
As the light at the end of the tunnel begins to shine brighter, planning for the future, post-COVID-19, is a savvy way to prepare yourself for what is next.
Seeking the advice of a finance professional is a sound way to get yourself ahead.