Smart Money Moves To Do During COVID-19 Isolation

May 29, 2020

The COVID-19 pandemic has brought serious challenges to everyone. With the government restrictions on non-essential services some businesses like fitness centers, movie theaters and bars have closed down. While some companies have changed their work arrangements by allowing their employees to work remotely full time, some businesses have been paralyzed which led to significant revenue losses that forced them to file for bankruptcy

Our situation is rapidly changing and we need to effectively adapt to this. One main thing that people worry about is money because as a breadwinner, we need to sustain our family’s day to day expenses and pay our monthly bills especially now that the largest power distributor has increased its rates beginning April

Whether or not you have a financial safety net in your bank, the question still stands, how long can you guarantee your financial stability during this pandemic? 

Whatever the case is, here are some smart proposals that could help you through during the COVID-19 isolation. 

Take advantage of online selling 
Whether you are an entrepreneur or not, having a second source of income is always a good idea and now is the perfect time to pursue it. 

Consider the shopping behaviour of people nowadays. As you see, most of them are staying at home and have the entire day to surf the net and almost always end up buying something online . They can shop anything they want in just one click without taking the risk of going out and getting the virus. 

Starting a full or part-time small home business requires research and careful planning. Know what your passion is, think where you’re good at, take advantage of your skills and use them to make money. Consider these ideas on how to create multiple streams of income during this pandemic.

For first timers, reselling of essential items can make huge profits. First, identify the products that people are mostly looking for, then partner with reliable online suppliers that can offer low wholesale prices. 

If you are good at cooking, try selling lunch and “merienda” meals within your area. People like getting discounts, so don’t forget to offer them something like free delivery with a minimum purchase. 

You can also turn your pre-loved items into profit. Just do a little research and put your knowledge and passion into it, then you’re off to start your own business at the comfort of your own home. 

Consider offering your services 
Are you good at graphic designing, video editing, musical arrangements or composition? Connect with your friends on social media and tell them about your skills. . Don’t just sit and wait for the clients to come to you. Make some noise and get noticed! 

There are lots of people who want to improve their skills. So If you think you’re good at something, you may offer your services and help them learn and in return, they will help you earn. 

Can you teach? If you have passion for teaching then you can make short courses for students and can even do online tutoring. Making your class engaging and fun will make your students come back and may even refer you to their families and friends. 

Be a virtual assistant 
Do you have excellent communication and strong digital skills? Many entrepreneurs are looking for virtual assistants who can book their appointments, respond to emails and manage their social media accounts. 

Remember, no one gets rich instantly, but a great way to start growing your money is to work hard and create multiple streams of income. 

Once you have established your home business, make sure that you manage your finances. Since this pandemic is putting our finances at risk, and we don’t know how long it will last, experts advised us to reassess our financial stability for the next 6 months and keep controlling every cash flow by getting rid of unnecessary expenses. 

No one knows when this pandemic ends, so preparing for the worst is a must. Accept it or not, once affected by this health crisis, you wouldn't know the financial implications and how it will surely break off your savings. Build up a contingency plan by having a financial protection plan that will guarantee to assist you during unexpected circumstances. 

Paramount Direct offers health and life insurance products at an affordable premium for ages 18 to 75 years old. The health insurance plan helps you with the hospitalization costs. It covers injuries and illnesses including COVID-19. The cash benefits are directly paid to the insured so you can control your finances well. The life insurance plan guarantees your family’s financial stability in case something happens to the insured. It gives your beneficiaries lump sum benefits that they can use for their daily expenses, to pay for any existing debts or child’s education. 

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