May 28, 2020

Needless to say, 2020 has been a very rocky year due to the global pandemic as the search for redemption continues. Irrespective of the havoc this may have caused, it is important to understand that your financial wellness is crucial, and every decision made today could make or mar you tomorrow. Following our previous article, we have decided to share with you 5 financial decisions we urge you to make during this precarious time.  
  • Reassess your existing stream of income and expenditures There’s a high chance that your income flow may have been reduced during this time. It is ideal you consider dividing your current stream(s) of income into defined sections to suit your daily needs while maintaining an afloat level on your financial goals. It is also imperative to cut down on your expenditures. You can start by creating a priority list, outline your basic expenses that are of great importance, lesser importance, and of no importance respectively. Focus on meeting the needs on the first list as it contains all the essentials you need to survive the lockdown.
  • Invest in profitable small businesses During these crucial times for survival, there are a number of small businesses that are in dire need by everyone. This includes facemask production, catering services, online tutoring, hand sanitizer and soap making, logistics, etc. You may be thinking about the expertise and requirements needed to start such a business. If you fall into this category, you can invest in a friend or family member who has a business providing one of the above-mentioned services or similar. That way, you don’t have to rely solely on your primary stream of income.
  • Set up an Online Consultancy Service platform As a professional in your line of business in addition to the ample time you have now, you can set up an online platform to grant consultancy services on your area of expertise. This decision attracts several advantages, inclusive of the earnings, you get to conveniently meet various kinds of clients in the comfort of your home and therefore increase your clientele. The perk about this is that it is convenient and less demanding as you get to share your acquired knowledge (which comes to you naturally) for a token. What a lovely way to beef up your cash account!
  • Avoid Debt / Loans During this uncertain period, try to resist the temptation to fall for easy loans. Try to avoid borrowing money especially if you are already in debt. If you must borrow, only borrow what you need and ensure you make contact first with family and friends who can be of assistance at no extra cost.A loan from a financial institution during this period should be your absolute last resort. If you are left with no choice, ensure you have a full understanding of the loan options available and their respective fees, interest rates, and repayment terms before selection. Otherwise, acquiring expensive credit now could mar your financial well being in the future.
  • Have a functioning Pension account  You remember the joy you felt when you wore one of your shirts and found money buried inside the pocket… that’s the same joy you’ll feel when you start to enjoy the benefits of your retirement savings in a couple of years, or perhaps more. While you go about managing yourself during this lockdown, do not forget to make your pension contributions monthly. Your future self will thank you for making this decision today.
  Your financial well being is very important to us. We hope you come out of this global pandemic financially better than you went in. We are always here to support you because your future is our passion! Stay Safe! Follow us on social media @leadwaypensure to learn more about staying afloat during this COVID-19 pandemic  
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