COVID-19; How to Deal with a Financial Emergency

posted on Sep 23, 2020 |   536 likes

Feeling financially overwhelmed this season? Read this!

Having to face unexpected financial expenses can quickly create a sense of uncertainty and stress.

A job loss, an unforeseen medical situation, or a major home repair; these are some situations that can cause a plunge in your finances.

One situation that is common to all of us at the moment is the Corona Virus Disease – which has been classified by the World Health Organization as a Global Pandemic.

The Virus has caused organizations and individuals to shut down their activities and stay indoors for a while.

Economically speaking, it is expected that people will face varying forms of financial hardship during and after the lockdown. 

Howbeit, whatever the situation may be for you, don’t panic just yet —our tips will help you successfully navigate your way through a financial emergency. 

Reduce Spending Where Possible

While we may not be able to completely control the events that put us into financially tough times, one of the most rational things you can do to reduce the effect on your budget is to try to reduce your daily spending where it is necessary.

Take time to review all of your current expenses. This will allow you to determine which of your costs you can realistically remove or reduce at the moment.

You can look at the nice-to-have services you subscribe to and downgrade where you do not necessarily need those services at the moment.

Your TV, Internet, fuel usage, and other services you buy in bulk or you subscribe to, if you are a high-end premium user, and meanwhile at the moment you may not be needing those extra services, it’s ok to review them and go for a lower package that sits well with your budget at the moment.

Also, it is true that people are advised to stock up as we do not know exactly when this will be over, however, it will be unwise to buy the things you do not need at the moment or things you cannot guarantee to be able to preserve for a long time – all in the name of stocking up.

Buy only the items that won’t get spoilt in your house before they are used. Some online shops are allowed to provide skeletal services at the moment, so you can still do some essentials shopping for perishables.

Buying a lot of items that will just rot in your kitchen or fridge is a sheer waste of money.

Look out for Discounts and Bonuses From Brands

As a sign of goodwill from brands and service providers towards helping people go through these trying times, a lot of brands have rolled out various cushioning packages for their customers to help them go through this period with less financial troubles.

Various service providers have dropped the price of their services, others have created custom packages with lower prices to help people remain afloat during this crisis.

Some brands have made access to their facilities completely FREE during this period, while some have promised to give subscribed members extended access to their products or services for the period of the Pandemic. 

Whatever you do, as a working professional or business owner, the next time you want to renew a product or service that you currently use, do well to check around for discounts or bonuses that may be available to you from that brand or a competitor.

Pay Attention To Government Intervention

With the help of other private sector contributors, the government has rolled out various intervention programs that are designed to help citizens to access aids which will serve as a succor to any financial or health challenge the pandemic might have brought with it.

For example, the Lagos State Government launched a food distribution scheme, where food and other essential items are distributed to people in their homes, also there is a mobile food market that moves to different neighborhoods on different days to provide food to the inhabitants at a very low price.

You need to keep an eye on the news in your area to know when these intervention programs will reach your area so that you can save big on shopping essential items.

The CBN also launched an intervention fund which is designed to provide individuals and businesses that have verifiable proof to have been economically affected by the Corona Virus Disease.

You can visit the CBN website to get more details on this and Google other intervention packages that may benefit you.

You Are Not Alone

At Page Financials, we are not just a financial service provider, we’re your partner and we have your welfare at heart. Whatever financial situation you are in, automatically concerns us.  

Simply reach out to our contact center on 01700(PAGE) 7243 or via email at customer@pagefinancials.com.

You may experience some delays due to the lockdown, however, we are available to assist you.

You can also talk to us on social media on Facebook, Twitter, Instagram, or LinkedIn @Pagefinancials. Simply send us a Direct Message and we will respond as soon possible.

Stay Safe.