5 tips to manage your personal finances during the pandemic.

The COVID 19 pandemic continues to impact our lives and the economy as the spread grows each day. Therefore, it is highly important to keep track and manage our personal finances to better survive through the harsh times. In order to do this, you will need to manage your spending very carefully. Despite the uncertainty regarding the pandemic impacting your personal finances in the long term. As such it is important to build a comprehensive strategy to boost your financial security for you and your family by following these 5 tips.

1. Add to your emergency fund:
This can be especially useful for people who manage and emergency fund. If you are someone who doesn’t have an emergency fund, you can easily create one by saving some of your income to be equivalent to three to six months’ worth of income. However, of we take the uncertainty of the pandemic into account it will be more preferable to have at least one year’s worth of income accumulated. This can be easily achieved by eliminating non-essential expenses and assign any extra funds to build your emergency fund.

2. Invest more (if possible):
It would be a bad decision to liquidate your assets during a time of uncertainty. However, the volatility of investment platforms such as Stock Markets will see a rebound in due time. Therefore, it will be more suitable to just hold. You could even diversify your investment portfolio on to other alternative platforms such as cryptocurrency. There has been an increase in demand and performance in the digital asset sector recently due to the current situation.

3. Re-work your budget:
This is usually a must do in these types of scenarios. When doing this, ensure that your essential expenses are covered as the most important as the most important priority and revaluate your budget to conserve cash. Also, it will be useful to create a financial cushion with some extra money to rely on for weeks and months as needed.

4. Rethink your debt strategy:
During such uncertain times, it is always suitable to reevaluate your debt as carrying debt such as high interest credit card debt is never viable. If you have loans that you are still in the process of repayment, it is wise to refinance them with low interest.

5. Talk about it:
This method might be simple but it is extremely important. It is always necessary to talk about and get advice regarding your finances. Better yet talk to a professional regarding this as their insights would be invaluable to plan your finances to suite the current times and help you thrive in such uncertain times.

How Helios helps you during these times.

Refinance your debt through a short to mid term loan through Helios. Attractive interests and easy repayment methods will ensure you’re able to manage your personal finances to gain a better position during the pandemic. Furthermore, if you are interested in investing, Helios P2P offers Sri Lanka’s first peer-to-peer lending platform with interest rates ranging from 15% to 30% per annum for you to alternative investment platforms and diversify your portfolio.