Corona Virus Pandemic has impacted the business all over the world, like IT, Restaurants, Travel, Banks, etc. The impact will worsen more and more if the virus cannot be controlled. There are no new opportunities, less profit resulting in Job Loss, low income, furloughs, etc. Those who are in the job, fear about their job losses in the future. ‘Money security’ is an important factor because of the uncertainty because no one knows when the market and economy will recover.
PC : Pexels.com
What I am doing :
1 - Reviewing my expenditure and planning a budget - I am looking at all the money I have on my savings account, Fixed Deposit and Debt Mutual Fund and keeping it secure for the uncertain future. I am also looking into my expenses and trying to cut down on it as much as possible. Since I am at home, I don't need a mobile internet connection since I have Wifi at home. I have one big expense that is Home Loan which I cannot defer, so I am budgeting
My Savings - Home loan amount = Total Cash in Hand
2 - Look for Alternative Income Source - Since we have Hive and Steem, I will try to be more active on the platform just to get the money flowing as a passive income, using that I can sustain my self for some time. Also, I try to create a portfolio for any part-time work in the future.
What you are doing for securing money during Corona Pandemic.
It is wise strategy to cut down expenses during these hard days.
Yes, we all should cut down the expenses which we can. Together we can survive this hard times :)
That's the best two point catch 👌
Thanks :)
becoming active on all crypto micro payment platforms is a wise decision. The future will be even more remote, global work, as we can easily continue working without disruption if we are online.
That's true, I think it will be good for the environment too where there will be less traffic, more time for personal life etc.