Monday, 11 July 2022 17:59

6 recommendations for managing your household finances during the coronavirus crisis

Written by Evelyn Alas

Make a budget to plan and control your economy. If you haven't already done so, take advantage of this situation to make a family budget. This will allow you to know in detail your financial situation: How much do you earn and where does your income come from, how much do you spend and what do you spend your money on? A budget will help you set goals and prevent financial problems.

Training is key to meeting your income goals. It is possible that your income has been reduced in recent months, and that you fear for your future income.

Reduce your expenses. When we have financial difficulties, the first thing we do is try to spend less. It's not always easy. If you have made a budget, you will already know where your money goes (rent, water and electricity, telephone, food, cleaning and hygiene, health, clothes, transportation, children, debts...). It is important to have a budget for your expenses, and not to spend more than planned.

Avoid excessive debt. The best advice is to avoid going into debt to make purchases you don't need or that you can make later without taking out a loan, and above all, don't sign a loan if you doubt you will be able to pay it back.

If you are worried about your debts, take advantage of these days to control the situation in a positive and constructive way. Gather all the documentation of your loans, credits and cards.

If you suffer from over-indebtedness, remember that avoiding the problem is not the solution, and that there is the second chance law for those who do not have the economic means to repay their debts.