The pandemic has been pretty hard on most of us financially. Between job loss, redundancy and reduced working hours or pay, many of us are finding ourselves struggling. Whether that’s involved dipping into savings, taking out debt or simply living without much disposable income, it’s important to remember that you’re not alone and there are a number of things you can do to help yourself out of this pandemic with minimal debt. This, of course, is going to take some active effort. But it is possible. So, let’s get the ball rolling with a few suggestions that can help you to make the wisest financial decisions right now.

Keep a Hold of Your Work

This, of course, is easier said than done. If you have lost your job, you may not have had much choice in it. But if your workplace offers you shorter hours, lower pay or other arrangements, you may want to accept them, even if they’re not all too favourable. Why? Well, some income that can keep you afloat is better than none and sinking into debt. Often, these changes are only made because a company is struggling and things will be set to return to normal in the future. But rejecting these offers and finding yourself jobless could land you in difficulty. Few places are hiring and recruiting right now and competition for positions that are available is extremely high.

Consult a Financial Advisor

If you’re not sure how to manage your money during these times, it’s a good idea to reach out to a financial advisor. These professionals know the best way to manage your money and keep you out of debt, so their advice is indispensable. Make sure to use a reliable individual or company with plenty of good reviews and an impressive backlog of clients, such as Timberline Financial.

Be Open With Lenders

If you’ve borrowed money and are struggling to repay it, make sure to be open and honest with your chosen lender. You won’t find yourself in any worse a situation than you are now. You might find that they are surprisingly accommodating and may offer options such as lower instalments or payments, reduced or abolished interest rates and more to help out.

Reduce Your Non Essential Spending

Sure, we need to keep the economy afloat. But if you are struggling right now, you should reduce your spending on non essential items. Having savings can make all the difference right now, as they could be put to good use if you find yourself out of work or struggling to keep in the black. Savings accounts don’t have great interest rates at the moment, but it’s better to have something put aside than nothing.

Wise financial planning and decision making really is essential right now. So, do your utmost to do the right thing and keep yourself out of debt where possible. If you are in debt, manage your debt well. Hopefully, some of the above suggestions can come in useful for you!