How to Simplify Your Finances During the Coronavirus Lockdown

You may remember as a child you had emergency drills for earthquakes, tornadoes and such natural disasters. For instance, head to the basement in case of a storm. Those were fun, right? 

But those were fun and games at the most, during childhood. Right now, we are facing an unforeseen danger named the coronavirus or Covid-19. Today, the whole world is locked out. Millions and ever billions around the world are practically forced to remain indoors to limit the disease’s spread. While the governments around the world are doing a great job, the number of cases is just increasing. 

Needless to say the lockdown has forced the global economy to a standstill. More importantly, it has put financial security and savings of many to a standstill. No wonder people are worried.

3 Ways to Simplify Your Finances During the Coronavirus Lockdown

Are you worried too? Well, here’s a bit of good news. It does not have to be so tough. With a good bit of planning, you won’t face much of a problem. 

The first thing you should do is…

Automate your finances

Automating your finances is not just a good move, it simplifies your life. As you do not have to go to the bank any more, it reduces your health risk. You can do internet-banking from home. When you start automatic payments, you ensure you don’t’ miss EMI and the like. That means no defaulting on loans and missing out on payments.

By the way, you can pay bills online as well. Some bills you can pay online include utilities, cell phone, charitable institutions, cable TV and your internet, rent, mortgage, insurance, monthly subscriptions, and more.

 That said, you still need to monitor the payments a bit.

Continue to invest for retirement

You know which things unexpected events like pandemics make easier? That’s’ right! It forces us to focus on short-term goals instead of getting scared over the long term-ones.

For instance, auto-investing into your retirement fund forces you to pay attention to the long-term problem. If you invest in stocks, this is certainly a time to get nervous. The market situation right now is very volatile. Even the calmest investor can feel scared.

The advice is to stop investing out of fear. However, it can be hard to start again, even more to continue investing during this time.

Cancel all your unnecessary subscriptions 

Here’s an important thing you can do right now. Cancel your unnecessary subscriptions, things you can do without. Remember, you want to save money now. No one knows for how long the pandemic will remain. As such, it is more prudent to start saving as much as you can. Netflix will still be there when all this ends, we assure you!

So there you have it: 3 ways to simplify your finances during the coronavirus pandemic. We at mymoneykarma hope it helps.

Stay safe, and take care!