The COVID-19 pandemic is affecting nearly everyone in some way, shape, or form. While many industries are coming to a complete standstill, and people are unable to leave their homes due to government-enforced self-isolation, finances are a key worry for a lot of people.
Are you worried about your money and savings during these uncertain times? Do you want to ensure that you’re doing as much as you possibly can to maintain and preserve your financial portfolio? Here are three quick tips for navigating a financial portfolio successfully.
Are you in a profession affected by the coronavirus pandemic? Many of us are isolating at home, which means we're finding extra time on our hands. Now is a good time to sit down and forge a solid financial plan for the future. This will help you to come to terms with the road map ahead, keep a level head, and also be careful not to spend on stuff you don’t need.
Remember—planning ahead, both financially and generally with regard to self-isolation, doesn’t mean that you should be running around the local supermarket scooping up supplies that are needed by everyone. Be fair to other people, take only what you need, leave things that you’d end up wasting, and offer to help out others where you can.
Invest and save your money
Sure, we might spend a little bit more money on take-out or movie rentals in order to pass the time while we're self-isolating. However, in the grand scheme of things, we should actually be saving some money while we're locked indoors, considering the amount you usually spend on social meetings, bar tabs, work lunches, or even travel costs to and from work. If you want to build a bit of a savings account and a financial buffer during these testing times, consider putting the money you’re saving by staying at home into a savings account, which will give you something to fall back on if you need it, or someone close to you does.
Investing for the future is another important thing that you might want to consider if you’re serious about bolstering your financial profile. You might think investment markets would be struggling at the moment, but there are always opportunities if you know where to look. For example, RWinvest, a property investment company with offerings throughout the Northwest UK, is leveraging virtual reality technology in order to provide potential investors with an immersive, interactive viewing experience.
Run a thorough audit on your finances
There is no better time to go through your financial portfolio with a fine-toothed comb. If you're able, take a look through all of your different savings accounts and general bank accounts using the relevant online tools, and get to grips with your outgoings and bills. From there, you might decide to start making some incremental changes, such as cancelling a direct debit that you no longer need switching an energy supplier in order to save a bit of money each month. If you’re not comfortable with your finances and want some technology to help you out along the way, The Big Investment has a blog piece on a range of different savings/investment apps and software that you might want to take a look at and perhaps install.