The dystopian scenario of the world:
- Many have lost their jobs.
- Some are working on a pay cut.
- Two-third of entrepreneurs suspects that they will not be able to ride out the economic downfall due to the pandemic.
- The worst part is that the pandemic is affecting more women than men.
Regardless of the marital status, women are more affected due to economic downfall because they are more likely than men to have fewer hours of employments and contract-based jobs. The burden is much more intolerable for single mothers who are always in stress about the payment of utility boils, credit card bills, mortgage repayments, and ways to arrange for a healthy meal at lower prices.
According to a survey, over 11 million women have lost their jobs compared to 9 million men and some of them. Although some women have savings, they are not enough to survive the uncertainty. Further, a large proportion of that money, many of you had already consumed.
Well, whatever the economic scenario, you cannot give up. You must have enough money flowing in to keep the wolf from the door. Here is how you can manage all your finances even if a sense of doom is hanging over the entire economy.
Find a new job
If you have lost your job or your employer has put you on a pay cut, now is the time to strengthen your job search. The industry trends say employers are hiring new candidates in exchange for low wages.
As the pandemic has worse hit the bottom line, they are not generous to offer you money based on your experience and skills. However, some companies are ready to pay you as per your expectations.
A good rule of thumb says that you should note down all expenses in your list to get an idea of threshold income. An income will enable you to pay off all costs without feeling the need to borrow money. Therefore, you should agree upon the salary that is offering you at least a bare minimum.
Negotiate with your employer
You are lucky if you have still your current job. However, your employer would be cutting your salary. During the economic downfall, it may not be the right move to insist on your employer to increase your salary.
When the company is not generating enough profits, it may be hard to offer you as much as you want. However, you can personally talk to your employer and tell your financial situation.
You might convince him to offer you a bit more money – at least a threshold salary. Understand that you can express your concern to your employer but cannot force them to do as you want.
Look for ways to have more money coming in
Even though you feel like it can be a hectic schedule to opt for another project along with your full-time job, you will have to. The economy is uncertain, and this uncertainty does not seem to end in a short period. It is why you should look for other income sources.
As many of you are working from home, you can easily manage to handle projects from other employers. Join a community of freelancers and bid the project. It may take some time, but you will get work in the end.
An additional supply of cash will help you stay afloat, especially when you are to pay off bad credit loans no guarantor no broker needed. You should also contact your friends if they can refer you to their employers for any project.
Do not stop to stash away for retirement
This time you may stop transferring money to your retirement funds because you will be having problems to meet your funds. It is not the first and last time when the economy has faced such a worse impact due to the pandemic.
Economic threats are always there, and they never tell you before they pop up. What if you come across the same situation in the golden years of your life? How will you manage your expenses during your retirement if you would not have funds in your savings account?
Though you would be getting a pension, it will not be enough to consider all your expenses. You mustn’t stop contributing to your retirement funds even if your employer contributes to your pension account. It will provide you with a sense of financial security.
You can throw that money to your business if you prefer to become self-employed after retirement. Retirement funds will help you manage all of your monthly expenses, and in case any emergency pops up, online lenders in Ireland are always out there to help you tide over.
If you want to meet all of your expenses under every circumstance, you will have to be very careful about spending your money. Tips mentioned above can help you gain financial independence during the pandemic.