Big question how to manage finance during lockdown? Stay with us to know the best tips. Wherever you are in the world, COVID 19 is a familiar topic and one that has touched many lives. No matter what industry you work in, you would have changed the way you live and work due to this virus. Many millions of people across the globe have been working from home, some with support from their Governments, others with little or no help at all.
If you have lost your job or have had a real financial impact from the global pandemic, then here are some tips to look into:
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Tips for People Struggling with Finances During Lockdown
1. Payment Holidays
Contact your bank if you don’t think you can make your mortgage or loan payments. Many banks are understanding and are granting three month payment holidays.
In many instances, this can give a much needed break from payments, although the interest will still be added and the monthly payments will either increase after the payment holiday, or can be added to the overall length of the loan. This may be a negligible sacrifice in the long run when you consider the immediate financial impact you could be facing.
2. Submit a claim to the UIF or TERS
The Unemployment Insurance Fund may help you with illness benefit if you have had to self quarantine, death benefit in the event you or a family member pass away due to COVID-19, or reduced work time benefit if you are working fewer hours.
The Government website says that you will need various items of proof to claim this, so check out their site for the latest information on this. This can act as a real lifeline for many people who are severely struggling due to the pandemic.
3. Get help with a financial management pack
You may need help looking into the intricacies of your outgoings and incoming’s. Some areas of your finances may have been hard hit, like your salary, where as others may be relatively untouched, like childcare fees, which you may not have needed to use at all.
It can be difficult to figure out where this makes you stand so it is important to get a broader look at your finances. A financial pack may help you with this. You can ask a financial advisor to draw you up a plan, or you can download one from Wonga. Their free pack allows you to develop a full view of your finances and set practical steps. It will be a huge help for those Struggling with Finances During Lockdown
They have also included information on how you can set up an emergency fund, and how you can identify any scams (which have increased during this pandemic) and avoid financial fraud.
Use your retirement annuity if you are retired – If you are retired, the National Treasury has confirmed that you can choose to increase your access to your annuity by 20%. This may be worth looking into especially if you foresee the next few months being very difficult financially.
Hope this helps your financial stability in this uncertain situation and please comment below if you have any more useful information that our readers like to read in the comment section below.