Introduction
The general freeze to escape the corona epidemic has paralyzed the economy of many. We are just beginning to recover from last year’s attack. By then the second wave had hit us. It is important to be economically safe from this. There are a few ways to prevent this short-term crisis from turning into a long-term financial crisis.
Stop buying nonessentials
Most of the time we try to buy unwanted items online beyond ourselves, because we are indoors. To prevent this you need to exercise self-control every day and to distinguish desires and needs.
Economists say that interest should be put off for at least three days when it appears that an item should be purchased. After that we should only buy it if it seems we need it.
Members of these can avoid paying their monthly subscription during the general freeze period. That money can be used to put together an emergency fund.
Keep track on spending single penny
A clear idea of the cost is essential. Get debit and credit card reports and keep track of what you have spent. It is also a good idea to pay off high interest payments, especially for credit cards this savings a certain amount.
We should try to reduce the cost of food. It is good for the body and budget to cook and eat at home instead of buying food from outside. Avoid cooking at home and eating only healthy nutritious foods except luxury foods.
Develop new skills
You can also increase savings by selling unused items. If you have not used an item for more than three years, you may find it unnecessary. For example, you may not use the bicycle your children used to go to school, even after they finished college. You can sell it on the online sales site.
We can progress economically with the skills we have. Teaching music online in public free time, taking language classes, teaching cooking, etc. will increase our skills and income. We must take care that the corona period crises do not affect our economic ambition in any way and when we plan and act, we can overcome any crisis.
