During a crisis, there is often a high level of uncertainty caused and this pandemic is no exception. Managing your money, and maintaining your budget is proving to be challenging. People have suffered retrenchment, reduced hours, and wages as well as increased medical expenses.
Here are some tips on how to navigate this uncertain time:
Make use of available resources
Figure out if there are any unemployment fund programs that you can qualify for.
- Social Relief and Economic Support Package: This is one of the programs that the government has provided to help out citizens that have been affected by Covid-19. This is to help assist during these tough times and be able to get essential goods.
- Labour and Employment fund: Should an employer as a direct result of the COVID -19 pandemic have to close its operations for a period of 3 months or less, employees of the company shall qualify for a COVID-19 benefit. There are also more programs that are put in place for small business owners who are struggling during this pandemic.
Create a priority-based spending plan
- Consider all your sources of income and make a realistic list of your monthly expenses. Remember to prioritize on must-haves.
- Try by all means possible to defer from non-priority items until the current situation has soothed.
Contact your Creditors
It is highly possible that you are struggling with meeting all you’re your financial obligations if you have suffered job loss or are earning a reduced income.
Contact your creditors and ask for assistance. Many are offering payment holidays or perhaps you can negotiate a reduction in your monthly instalments in the short term.
Use your Emergency Funds
- If you have or had savings or an emergency fund this would be the right time to dip into them.
- Use the money to help you pay for essentials.
- Keep your spending to a minimum.
- Make full use of gift cards, loyalty points, and discount vouchers, they can come in handy with getting groceries.
Start an Emergency Fund
- We are aware that this pandemic has taken a toll on our finances and this might be a difficult task to take on. If you have the means and you are still getting an income try to start an emergency fund.
- An emergency fund is readily available money set aside for financial dilemmas, such as job loss, chronic illness, or major repairs to your car or renovations to the house. The purpose of these funds is to improve your financial security by creating a safety net of money that can be used to meet emergency expenses.
- Click here for more information about the importance of an emergency fund.
Consider Debt Review
- If you have contacted your creditors and you still can’t seem to be able to pay off all your credit, debt review could be an option.
- Debt review is a process that a debt counsellor uses to help you restructure your debt and become debt-free.
Debt review is a legal process. You no need to worry about the calls from your creditors. We will handle all the legal matters on your behalf.
- you make a fixed single payment monthly instead of paying, multiple accounts each month.
- Your monthly repayment is reduced to a more affordable amount.
- Lastly, when you have completed your repayment plan you are issued with a clearance certificate and the adverse detail on your credit report is cleared.
- Click here for more on Debt review.
- We walk the journey to financial freedom with you, looking out for you every step of the way. We will help you find the right solution for you based on your immediate and future needs.
- Remember you can contact Meerkat anytime and we will provide you with the help and support needed in order to clear your debts, we can also kick start an emergency fund for you and even save money on your funeral cover.
Don't forget to stay safe, stay indoors, sanitize and wash your hands, and lastly don't forget your mask.