The recent global pandemic has brought the wheels of industries, countries and businesses to a screeching halt – a circumstance which has adversely affected many nation’s economies as well as cash-flow to people.
It goes without saying that the compulsory lockdown probably also means that you’ve used a large chunk of your money to stock up on food items and medical supplies. Within, you wonder how long this will continue; if you’ll keep your job, if your earnings will be cut or how drastically the situation at hand will affect your finances and goals for the year.
But past events have proven that in every supposed economic downturn, there lurk opportunities for the one clever enough to extract economic advantage and position himself for the inevitable economic recovery.
This means that what you do now will determine where your finances will be when the pandemic has died down.
Here’s how to take advantage of the COVID-19 situation for financial growth
Lower your costs
Now is the time to cut costs and go lean in cash expenditures whether for your household or business. Find lower-cost providers for goods and services; make and stick to a budget, and eliminate any form of waste.
Consider owning properties
Analysts advise that for those with disposable income, this is a good time to invest in real estate because real gains are made when the market is sluggish and when the average and over-cautious investor is hesitating with making investment decisions.
Latch unto bargains
Who says you can’t enjoy discounts on items even while on lockdown? With vendors offering steep concessions and sales, make sure to ask for a discount. You’ll be shocked at how much money you can save now that will come in handy after the COVID-19 situation ends.
Add to your portfolio
The best time to grow your portfolio is when investments are lowered and valuations are strong. Consider adding to your investment portfolio now that securities are priced lower.
Click here to explore opportunities to grow your finances even during the COVID-19 pandemic.