Sunday, June 21, 2020

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 loanskeep 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 paymentsseek payment agreement plans.
  • Everyday expensesregulate unwanted food splurge; do not hoard!
  • Veterinary expensessetting payment plans with your veterinary doctor or clinic.
  • Credit card paymentsmany 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".  


37 comments:


  1. If a challenge has the ability and strength to inspire savings and better management and knowledge of your money, then you have hit the spot!

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  2. during the last few months I have been out of work for the first time since i was 14 years old. budgeting is huge in our house right now and i appreciate this article.

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  3. I am fortunate enough to not have been impacted by the current crisis, financially or health-wise but I know that isn't the case for a lot of people. Managing your finances is extremely important during these times!

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  4. This year is the save money year....Every country's economy is in peril and we need to save as much as we can

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  5. These items are great to consider when managing a budget during these times. I like that you note not to buy too much or hoard food. It was so interesting to see people doing that through the quarantine and knowing that so much of it must be going bad before they could even eat it! It could be a really big extra expense in that situation. I had never thought of how much that impacted a budget before. Thanks for sharing!

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  6. We are in great shape during all this, but I know many others that weren't as lucky. Thanks for the great tips.

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  7. 2020 has taught us the true definition of save for a rainy day. Loved the tips, it is important we are all aware of how to save money and the policies in place especially in these times.

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  8. Well this year has taught so many of things and money saving is one of them...indeed this is really very informative and interesting to know more about..Thanks for sharing..Great work...( World in Eyes)

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  9. There are certain times in our lives that change everything. It makes us question everything about us. These are such times and finance id definitely on a lot of peoples minds. Great piece of writing. Jerry Godinho

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  10. We've been lucky, but we just came back from being on the road for weeks. I'm ready to get back to saving for our next adventure.

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  11. It's definitely a worrying time. We're trying to monitor our spending and cut expenses where we can.

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  12. My student loan payments are deferred until September, so I've been paying the principal balance. This has helped me so much as I've already paid down 10% of my loan.

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  13. I do not wan to think this will be our new normal I am hopeful things will get better soon.

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  14. Oh gosh, I always worry about money. I make sure to always put some back into savings! I think that's important.

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  15. This post is really informative. It's so important to stick with budgeting during these times of uncertainty.

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  16. Saving and budgeting is already hard and now with everything going on it's even harder. Can't wait for life to go back to where it was. Will it ever truly go back?

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  17. I know a lot of people who are struggling financially right now. I wish that the government had prioritized small businesses instead of bigger corporations. A good realtor should be able to help your friend find a decent place to live.

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  18. Great thing that I still had income at the time of quarantine. Enough to cover some of my expenses. Great blog here.

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  19. It was a hard beginning of the year but I think it's not over yet. We should be more careful with our money!

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  20. Too many payments this year. I assumed companies would calm down with collecting due to COVID but they seem to have gotten worse.

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  21. This time is truly a challenging moment to everyone, as everybody struggle on making a life on this pandemic period. Fortunate that we must all not give up and just continue life as what it gets us.

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  22. This is definitely going to be a tough year. I am home from work and struggling to pull in income. We are going to have to make changes to make sure that we keep up with bills.

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  23. We're blessed to have not been affected financially during this pandemic, but I know a lot of people are. I agree with budgeting. We certainly don't spend more than what we can afford. -LYNNDEE

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  24. You're right about the uncertainty especially around money matters. I hope things get better soon.

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  25. I truly hope these struggles are not our normal forever. I am glad that my student loan company has delayed payments for everyone.

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  26. This year has thrown so many curve balls. We were planning on taking a few trips but decided to save the money instead.

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  27. The lockdown and quarantine resulted in a temporary closure of businesses and job loss. COVID-19 now poses a more serious downside risk to the global economy. And I'm sure we will feel the effect of this pandemic for 1-2 years. Hopefully, we will able to survive these challenges.

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  28. The first thing I thought of was people's finances and how this was going to effect our economy. Honestly, I wasn't even scared of the virus in the beginning. My husband is essential and his job took care of him, but I did lose income. It is picking up now, but it was scary and I couldn't imagine what others went through.

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  29. This pandemic has indeed caused so many financial problems for folks all over the country.

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  30. I've been minimalist/essentialist for about 10 years, so I haven't had to adjust my budget. My income dropped, but it hasn't been a hardship.

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  31. It is crazy how much this year has effected finances. I am glad things are on the upside though.

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  32. This pandemic is really a test we've been in a lot in budgeting our expenses, but still handling it.

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  33. This is a tough year for most families as most of them have lost part of the stedy income, if not all of it. We have always had a healthy savings in our family, but I know most have not had an oportunity to save as much and to plan for the future. Great post

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  34. This year is a lesson that we all need to learn. Saving money for the future is really essential and that we all need to start budgeting.

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  35. This year has taught so many of things, better financial planning is one of these. So many people are struggling financially right now. It's a very relevant post right now.

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  36. It really is such a challenge to save this year! Everything is at its lowest and some are even laying off workers. We really have to learn how to budget.

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  37. This is a very relevant subject for these times and you are absolutely right without budgeting we cant get anywhere.

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