Finances in times of coronavirus - Gustavo Mirabal Castro

The coronavirus pandemic has had negative health consequences across the planet. But this is not all because its effects at the economic level have left havoc in various sectors of the economy. That’s why we have to take care of our finances in times of coronavirus and here we will show you how.

The tourism and aviation sectors are one of the most affected to the point that airlines from different countries have declared bankruptcy. Other sectors such as banking and industry have also been negatively affected.

Worldwide, there are millions of people who have been left without work and therefore without a way to bring a living to their homes. This situation is occurring in large, medium and small companies. Indeed, the stress and anxiety that this generates in people are enormous.

Uncertainty is the boss because there are millions who are in a very difficult situation to deal with.

On the other hand, those who have been the exception are telecommunications companies and developers since platforms such as zoom have grown in this pandemic.

The video game industry has also benefited as entertainment is vital in these times of pandemic.

Hence the importance of addressing everything related to finances in times of coronavirus.

How to manage your personal finances during times of emergency

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The coronavirus: A deadly disease in every way

The coronavirus is here to stay for a long time, while we have to adapt.

Since December of last year the cases were already presented in Wuhan China and as we live in a globalized world in a short time it spread to Europe and from there to the other continents.

America currently has the highest figures for confirmed cases as deaths. For this reason, in some countries in the region strict quarantine is maintained. However, in other countries they do not maintain quarantine and the figures grow every day like foam.

Without a doubt we say that the coronavirus is a lethal disease in every sense since the consequences have been catastrophic at a health and economic level.

Prevention is the key

When we talk about the prevention of the coronavirus, it is maintaining social distancing.

In addition to washing our hands frequently and keeping antibacterial gel or alcohol on hand to disinfect ourselves if we are on the street.

The use of masks is of vital importance, therefore today most countries have the mandatory use of a face mask as a rule.

Leave home only if it is strictly necessary to avoid being part of the figures.

If we put these simple measures into practice, we will not only take care of our health but also that of our loved ones.

Tips for managing finances in time of coronavirus

In these moments of uncertainty is when we must be most careful with the area of finances in our day to day. For this reason, we will give you some tips to take into account regarding finances in times of coronavirus.

Reduce expenses: It is vitally important to reduce unnecessary expenses to maintain healthy finances and to remove some of the concern generated by the coronavirus pandemic.
Responsible use of financial products: In these times of coronavirus, the ideal is to avoid any type of debt. Many people in difficult times resort to credits and this is a mistake that should not be made. Because the debts will remain there in the short, medium and long term, generating stress and anxiety in people.
Keep an exhaustive record of income and expenses: This means that you must write down absolutely everything that comes in as well as all expenses. This will greatly allow to have control of finances in times of coronavirus.
Make a list of the mandatory financial duties: These are the expenses related to everything that has to do with taxes, card or loan fees, mortgages, rent payments, among others.
Economic and financial organization: It is very important to be clear about what is related to income and expenses in the home. Taking this into account, the forecast of expenses and insurance income can be organized. In this way it is possible to have control over finances in times of coronavirus. If an unforeseen event arises to be able to assume it with peace of mind.

Importance of proper management of finances in times of coronavirus

In these moments it is necessary to become aware of the reality that the entire planet is living. Well, the negative effects of the coronavirus pandemic have been enormous in almost all economic segments.

For this reason, proper and conscious management of finances is important in times of coronavirus.

It is in this context that we must be prepared to face the current situation and that of the future. Therefore, we must be extremely careful in controlling expenses

In case of assuming a debt, you have to carefully evaluate the options so as not to regret it.

Affecting the world's finances in times of coronavirus — Affecting the world’s finances in times of coronavirus

Keep your finances safe during coronavirus

Today’s pandemic times are by no means easy to deal with. For this reason, we must be very careful with the economic part. Because as we have noticed many companies have gone bankrupt, thus leaving millions of people unemployed worldwide.

This situation creates concern, stress and anxiety in people therefore it is best to keep finances healthy in the time of coronavirus.

Given the circumstances, the remaining path is to reinvent ourselves. If it’s possible to undertake something that we like and that is profitable.

We strongly recommend that you implement the advice for managing finances in coronavirus times given in this installment.

In this context of insecurity and in the face of the threat of a deep global economic recession, it is best to be forewarned in every way. Therefore, you have to be very smart when you want to spend or invest.