Every time a new year starts, you make a list of your plans and goals that you would achieve that year. With today’s condition, perhaps many have changed for your 2020 plans.
You even have to adjust your lifestyle and focus on surviving instead of going out and having fun. Do not worry. You are not the only one placed in this situation. Every person all over the world is affected because of the Covid-19 pandemic.
Despite everything that is happening today, you are still capable of doing something. Whatever your goals are at the beginning of the year, you could modify it so that you could achieve whatever you want, especially those that concern your finances.
Here are a few suggested financial goals before 2020 ends.
Financial Goal 1: Discover a New Possible Source of Income
Because of the pandemic, many people lost their source of livelihood. This is why many people resorted to improvising modes of earning money. Most people started to become businesspeople. Just look at how the number of online businesses flourished. There are also those who opted for part-time or even full-time online jobs to increase their family income.
If it is applying for a job online or launching your own online store, just go for it. It will not be worth tens or hundreds of thousands at first but with hard work and dedication, you could improve everyday enough to pay your bills, salary loans online, and your family’s needs.
Financial Goal 2: Create an Emergency Fund
With today’s situation where we are really in need of funds to buy essential goods, an emergency fund proved to be truly important. It will keep us afloat during times of emergency situations. It is not too late to begin saving for an emergency fund.
First, it is important to be realistic when you start to set-up your emergency fund. Save for an amount that is doable for you. It is best to start small and gradually increase your desired emergency cash. Put aside a certain amount from your monthly earnings out of your regular job and other sources of income if there is any. An emergency fund could help you last for about three to six months and help you cope with the challenging times. Moreover, creating this fund will allow you not only to save for the rainy days but saving also can give you a sense of satisfaction and security.
Financial Goal 3: Slowly Repay Your Loans
Even during these trying times, money lenders would never stop demanding for payments from their clients. Loans may be deferred, and you will be given a 30-day leeway, but you will still have to pay your loan and its interest after the grace period. You would not want to burden yourself with so much debt any further so start paying-off your loans gradually starting now.
Talk to your creditor about adjusting your new payment schedule so that payment would be much easier for you and you would not incur fines and other charges. Though you will still have to pay any outstanding obligations, paying your debt little by little will help you get rid of your loans eventually. This will help you reduce your obligations, reallocate your income to your needs, and increase your emergency fund.
Financial Goal 4: Make Your Credit Record Look Better
Your credit record is all about your loans and payment behaviors. If moneylenders see that you have tons of loans, you do not pay on time, and you miss payments frequently, your reputation as a borrower will be destroyed and it will be difficult for you to borrow money later on. This is why you must pay-off your loans as soon as possible. Aside from these, minimize your spending and avoid using your credit card for unnecessary expenses. In case you have extra cash, use it to pay your outstanding loans first. Once you are free of all of your obligations, you can start fresh next year, and saving will be much easier for you.
Financial Goal 5: Be a Master of Budgeting
Everybody knows that budgeting skills are very important. This allows you to maximize all your earnings. Also, budgeting will always allow you to be mindful and aware of how and where you are spending your money.
If you want to perfect your budgeting skills, start knowing how much your total earnings are, taking into account your day job and your side job or business. After that, jot down all the expenses that you incur monthly. Examine your list and identify which ones you can cross-out. Make sure that you focus on your necessities first. From that point, you can allocate your budget based on what you really need. This may take time and experience, but eventually, you will be very good at it, and achieving your financial goals will be much easier.
Don’t let the pandemic stop you from improving your financial state. Although these times are tough, discipline and commitment will get you a long way.
Just in case you urgently need a small amount, you can solve your financial problems with a loan from Robocash. The company would not require much from you except your valid government ID, as long as you are a Filipino citizen, 21-70 years of age, and have a stable source of income such as an employment or profession.
You also have many microloan options from Robocash that are payable in 30 days. All you have to do is apply online through the Robocash website and wait for a few minutes before your loan could be approved.
On a final note, numerous clients leave positive Robocash reviews, which means that you have nothing to be afraid of.
Acquiring loans online is very easy but never forget that paying loans on time and avoiding any delays is very important. Also, such loans are only advised for emergency situations.