The Pandemic Affect Your Income? Here's How You Can Make Yourself Economically Strong

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The Pandemic Affect Your Income? Here's How You Can Make Yourself Economically Strong
15 Sep 2021
7 min read

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Many people have faced tough financial situations during the pandemic. Some lost their jobs, some got a salary cut, some lost their business, etc. Here are some tips to help you if you have faced such a situation. #ThinkWithNiche

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The pandemic hasn't been equal to everyone. It has affected different people in a different capacities. Some lost their only job, some people lost their business, some people experienced salary cuts, while some also had to do a lot of work for meager pay. That's how the pandemic has been for different people. The times are highly uncertain and people are losing their jobs left, right, and center.

This has been shockingly difficult for people who are used to getting a paycheck at the start of the month. For others such as freelancers, who are not used to getting a paycheck every month, the shock is not that great. During this, many people's financial as well as mental health has deteriorated. In such a situation, there are few steps you can take to make sure your financial, and mental, health remains intact. Below are some tips that may help you become financially strong.

1. Find Someone To Talk To

The times are tough and everyone is involved in dealing with their own issues. At times like this, it's pretty important that you find people to talk to. And by 'talking' we mean geniune talk, not a surface-level formality. Find a person you can trust and who knows more about finance and stuff more than you. This will help you maintain peace of mind. Sharing your problems and letting out your feelings in front of a trusted one can be hugely helpful.

2. Take Help From Good Financial Planners

Financial planners are great for taking financial advice. They can give you genuine solutions to your problems and even help you sort out your financial mess. But not everyone can afford to pay for an appointment with a good financial planner. So if you have the money to do that, nothing beats that. But, if you don't have enough economical resources to meet with a financial planner, consider meeting someone in your vicinity who knows a lot about finance. You can ask them all sorts of questions and tips to help yourself out of the mess.

3. Talk To Freelancers To Help You Makes Sense of Your Financial Mess

The major difference between people with jobs and freelancers is that the latter are well-versed with not getting a regular paycheck every month. Hence, it's more likely that during the pandemic, they may not have experienced much of the financial shock that people with jobs may have experienced. Hence, it's good to have a long conversation with a freelancer on how they manage their finance without getting regular paychecks. It will help you sort out your financial problems.

4. Look Into Your Loans And Taxes

Many people have spent a lot of money during the pandemic to make their family's life safer. That has cost a lot of people to max out their credit cards and increase their debts. Credit card companies are notorious for their high-interest rate. So it's important that you look into your credit card spending. As for your income tax, it's good to sort that out to know where you stand financially.

5. Always Have A Backup Plan

Now, what do we mean by a backup plan? It's simple. If you notice your income or your savings reduce at a certain anticipated rate, you must have a backup plan. It can be anything; from finding new ways to earn money, to breaking fixed deposits, there are many ways to secure some money during times of distress. That's what a backup plan is.