Simple Financial Tips To Help You During This Lockdown

posted on Mar 27, 2020

Financial Tips For You

Following the recent developments in the COVID-19 Pandemic in Nigeria, we have taken steps along with global best practices to ensure that you continue to enjoy unfettered access to our services.

As part of measures to contain the spread of the virus and secure the lives of our staff and customers, we will be initiating a lockdown of our physical branches effective 27th March 2020 and our staff will thereafter work remotely.

While everybody has been advised to practice social distancing by staying indoors so that we can limit the spread and effect of the virus, this is affecting cash flow, and the whole world is already experiencing a financial chaos.

Stock markets are crumbling, aviation is on complete lockdown, commercial activities in majority of cities in the world are closed, formal and informal sectors are operating at minimal or completely closed.

It is eminent that our finances will be impacted by these, and managing finance is going to be one of the challenges people will face during this period, which is why we have decided to put together this article to educate you on how to manage your finances even during the lockdown.

So, here are some tips for your finances this period.

Budget everything.

If you are not familiar with budgeting your finances, now is the time to learn how to. Budgeting is crucial always especially when there are uncertainties that need to be prepared for.

The goal is to prioritize your spending on things that are really essential to survive this period until normalcy returns.

Fortunately, this is salary period and most employers will / have paid their staff, you need to see that salary as a lifeline especially if you didn’t have a tangible savings before.

This is not time to buy everything that you like, this is the time to make sure that every penny spent is targeted at meeting an essential need.

Allocate a reasonable portion of your budget to food and nutritional supplies that will help build your immune system.

Cut impulse spending

With physical stores on lockdown, we have more screen times, that means more people are turning to their phones, laptops and connected TVs, this is an opportunity for online shops to reach more customers who may genuinely need their products.

You will see a lot of those offers as you spend more time at home, do not be tempted to buy impulsively.

Buy only what you really need (essentials) and reserve the rest for when things get back to normal, you are going to need money to survive if the lockdown persists for a couple more weeks.

Start online side hustles at your spare time

While you cannot go to the streets to do one or two things to augment your income at this time, who says you cannot make some extra cash while indoors? 

You can look out for opportunities online. Some sites provide writing jobs for people who are at home, search them out and enroll.

You can also look around your house for a few items that you no longer use and post them out for sale to online customers. Be sure to follow standard safety measures as specified NCDC when delivering the package at this time.

Save aggressively

We’re optimistic, this crisis will pass very soon, when it does, economies will taxi for a while before they pickup, people will be aggressive with spending and investment, markets will struggle to normalize and this will also affect the cost of goods and services.

You need to be ready to rejoin the rest of the world on a fast lane when this storm is over.

Saving a little more at this period will afford you the opportunity to conveniently blend with the world when all these is over.

If you need counsel, talk to us

At Page financials, our customers always come first, even at these trying times, you remain our top priority.

Our phone lines, email address and social media channels are available to you if you need to talk to us about your finances during this period.

You can call us on 016317243, send an email to customer@pagefinancials.com or visit any of our social media channels @Pagefinancials.

We are here for you.