Matters of Money

How to manage the family economy in this time of crisis by corona virus

The virus will bankrupt more people than it kills

As if this were not enough, the panic and psychosis that politicians encourage – to justify their actions – causes frightened people to collapse the guards, lower their body defenses and become more ill, and, in addition, patients exaggerate the symptoms and the newbies -newly incorporated due to the lack of nurses- they are sent to intensive care, saturating them. People in panic run out of supermarkets and waste long man / hours queuing up increasing stress.

In turbulent times, the family economy may be reduced. Countries in provisional quarantine, isolated cities and with restrictive measures to contain the spread of the coronavirus, prevent normal development as usual.As a family leader, it is important that you try to stay calm and brainstorm ideas that can help you overcome this reality that plagues the world today.

Price increases, shortages of basic products and services are part of the current situation and must be analyzed by all to survive until the restrictions.

Everything is possible, everything is enough to be creative and promote solidarity to carry out a few days in calm. Yes, it is possible to stay home and be calm. Avoid those worry-generating means and choose to share even more as a family.

Credit Karma 

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Some tips that you should consider when you sit down to discuss with family members, they are ways to transform the economy and face these global health and economic challenges:

  • The economic reserve: Be careful, do not despair … Get together as a family and among all, calculated on how much is available between all and based on that you will know the financial availability of the family group. Remember that many are currently out of work and therefore without fixed income. Know how to manage and manage yourself.
  • Avoid unnecessary debt: Many governments have taken steps to paralyze for a few months any payment that is debated with the bank. Take advantage of this moment and know that this is not the time to take out borrowed money or get a product to pay later. Be aware!
  • Spend and invest what is necessary: Based on the general income of the family, allocate a percentage to buy the priority: food for the family group. The rest will have its moment. Try to maintain stability in your finances.
  • Do the market of what is necessary: Do not despair … do not buy products thinking that it is the end of the world. Go to shops and everything you need for everyone, unless you guarantee breakfast, lunch and dinner, also snacks, especially if there are young children. Try to buy prices in supermarkets and this way you will know how to save more.