Common financial challenges for 2020

Disclosure: This article is a sponsored post, written by bits-en-pieces, opinions and views are solely mine.

Now that we are slowly inching out to go back to normal after more than three months. We can now do things that we were supposed to do before COVID-19 with minimal health standards such as social distancing, wearing of face mask, and hand washing at all times. 

Things that were placed on hold; weddings, family get-together, seminars, school, getting and moving to a new place, and most especially work. 

Work recession and unemployment became the economy's biggest challenge at this time.

Unemployment continues to grow quickly and sometimes stays high during a recession. With the onset of the recession as businesses face rising expenses, stagnating or decreasing profits, and increased pressure to pay off their debts, they tend to lay off staff to cut costs. The number of unemployed workers in many sectors is growing concurrently, newly unemployed workers are struggling to find new jobs during the recession, and the average number of unemployment for employees is increasing. This shows the link between recession and unemployment. 

Managing finances at this time of the year can be difficult. Things you need to look and view at a larger picture are the following: 

• School debts/ student loans- keep abreast of school policies regarding payment as they can provide an automatic stoppage of payments. 
• Health insurance payments- with the precedented volume of COVID-19 patients worldwide, health insurance claims reached its peak. While not all medical costs were covered by the policies, it was a huge benefit to have one, so invest in this field once the system is back in place.
• Car payments- seek payment agreement plans.
• Everyday expenses- regulate unwanted food splurge; do not hoard!
• Veterinary expenses- setting payment plans with your veterinary doctor or clinic.
• Credit card payments- many that have lines of credit should be aware that the loan agreements with their bank can allow the lender to reduce their credit limit or seek repayment.
• Mortage and house rental expenses

I was reading at one of my friend's posts about asking recommendations for a new place. They are into transferring to a new place because of the number of positive cases in their area and they are being held in lockdown for weeks now and they cannot move and do their everyday life because of this. So, the best thing to do is transfer or buy a new place for them away from their current situation. They have the means financially and what they need is a good recommendation that can accommodate them with the move. 

I suggested seeking a professional real state broker or a real estate professional like Ron Legrand. In a topic I read, Ron Legrand's net worth is impressive! I believe that one can base their success on the figures one has. I enjoyed reading success in one's business and this is one of them. I hope my friend can find a place soon for her family, less to the physical and emotional stress that brought about by the health situation the world is dealing with.

Nevertheless, we still need to stick to budgeting, this will take a toll on all the members of the family. So, plan and work on this aspect closely as we go back to the "new normal".