Having financial freedom is an achievement that a lot of people look forward to. In the wake of a pandemic, people struggle to manage their finances since times of crisis can bring a lot of uncertainty. During this Covid-19 pandemic your health should definitely come first but taking care of your finances will help you reduce some of the stress that you might have.

Whether you experience a change in your financial situation or not, it is important to assess where you are and make a plan for where you want to be to ensure financial success in the future. It can be a bit hard to plan anything right now, but I hope these tips will help you stay financially aware during these times.

1. Understand your current financial situation. It can be hard to make plans for the future but you first need to identify what is in your control. The pandemic might have led to new realizations on your financial habits.
2. Assess your pre-pandemic budget. Before the Covid-19 pandemic struck, you may have had a budget for your finances. You need to assess that budget as you think of the changes you’ll have to make. Take inventory of your needs and wants.
3. Set priorities and financial goals. Once you have assessed your pre-pandemic budget you need to set new priorities and financial goals depending on your income and your current financial situation.
4. Create a new budget and stick to it. Create a new priority based spending plan. Assess how you have been affected and re-distribute your budget allocations. Remember there is a pandemic and you need to be very frugal in your spending. Cancel your non-essential subscriptions and reduce costs where possible to save more.
5. Identify alternate revenue sources. Now could be a good time to start earning some extra cash. You could start a freelancing project or a part time job. Any small amount of money you earn from these jobs might add up to something significant over time so please don’t ignore them.
6. Consider investing more. This may be a good time to invest if you have the means to do so and you feel financially comfortable enough. Take caution since all investments require you to take a risk and the market may be a bit turbulent.
7. Create an emergency fund. If there is any lesson we need to learn from a global pandemic is that the unexpected can happen and we should try to be prepared for an emergency as much as we can. You don’t always have to have a plan for anything unexpected but start an emergency fund if you don’t have one. An emergency fund will relieve you of a lot of financial burden incase anything happens.

You can start your emergency fund today by saving through the ABC Pure Savers Account and start your journey to financial freedom.

Visit www.abcthebank.com or contact us via 0701 700 700 or talk2us@abcthebank.com

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