Though the spread of the coronavirus has started to show signs of slowing down, its effects on our daily life and habits continue to endure, bringing along a multitude of financial problems and concerns.
Within the scope of the measures taken against the virus, millions of people in many countries have been confined to their homes, while millions more have lost their jobs, were furloughed or had cuts in their income, which has affected family budgets.
Here are some tips from Turkey’s first insurance company Generali Insurance – which has been operating in the country for over 150 years – on how to manage your family budget during the coronavirus pandemic.
Create an income-expenses table
Creating an income-expenses table will help you to see and control your monthly expenses. Putting the family budget on paper, in a tangible way, with all of your income and expenses laid out will provide you with a more conscious and accurate economic perspective during the coronavirus outbreak.
Only buy the essentials
The basic needs of the house and family are of primary importance during such uncertain times. Therefore, basic expenses such as food, rent and bills should be given priority in this critical period. Always make sure you have enough for your basic needs before you go for small luxuries.
Use a mobile app
Mobile applications, which already had an indelible place in daily life long before the virus came, are now of even more importance with the convenience and ease-of-use they provide. Mobile apps catered to tracking your expenses and monitoring the current state of your family budget can be of great help.
Make a shopping list
Always make a list before going shopping. A shopping list you stay loyal to will guide you, stop you from buying unnecessary extras and help you stick to what you need. One other tip: Don't go shopping on an empty stomach, as it can make you crave unnecessary things and cloud your judgment.
Be more economically conscious while shopping. Question every expense you make while creating a family budget. It is better to be a bit frugal than to overstretch your resources.
Save a bit
What the coronavirus pandemic will bring in the coming days remains unknown. When creating a family budget, try to set aside, if possible, a small amount every day. Having some savings will enable you to be prepared for similar situations and emergencies, and overcome them more easily.