managing moneyCOVID-19COVID-19 aftermath

How to prepare yourself mentally and financially for the aftermath of COVID-19?




Here are some ways by which you can prepare yourself for the aftermath of this lockdown period due to COVID-19 mentally and financially. Read till the end for knowing more about Goodwall.

We all know how tough the present situation of COVID-19 is and we are often feeling helpless while dealing with it. The situation we have in hand is unpredictable. We have not seen something like this in years together. It is kind of a scary situation and its impact can be seen on a lot of sectors. You need to know to manage your money when the economy is not doing too well like it is right now and a recession is likely to happen in 2020. A recession is a scary word and it can cause a lot of anxiety in people but we can’t keep ourselves away from talking about this situation is not optional anymore. The fact that something like this will happen is truer than ever and it is good that we remain prepared in advance before things go really bad. Here are some ways by which we can make sure we are staying safe from all the recursions that are likely to happen especially with the economy. 

1) Don’t get anxious: 

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The first and most important thing to do is not to get anxious. Make sure that you don’t panic because panic is one of the worst things that we can do especially when it comes to our money. Of course the situation is very uncertain now and we cannot be sure what is going to happen next. The situation is very unpredictable and when there is unpredictability, it is easy for us to get anxious and panic. But, make sure that you don’t do that right now because we aren’t sure whether this is going to be a long term impact or not. As soon as the lockdown period ends, and businesses start running again, it’s likely that things will at least slowly start getting back on track and when that happens, we will be able to see some good news coming in as well. So, it is not a permanent situation and also with any economy in the world, they go through this cycle all the time anyway. There are going to be phases when the economy does really well and then there is a phase that always come when the economy has to go down. This is what the economic cycle is like and this is how the economy moves and it is a very normal thing. Every 10-15 years we tend to see a situation like this. So it’s nothing new and the government as well as central banks are working on it so we can be sure that a lot of things will get back on track. We will just have to be a little patient for some time. 

2) Start building networks:


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It is important that we stay in touch with as many people as we can and be in touch with all of the opportunities and things that are happening in the world to make sure that we are always available when an opportunity strikes. Goodwall is a community of like-minded people where you can engage and network and you can find a lot of opportunities like scholarships and jobs. So, in a situation like this when things are going to get scarce and jobs are going to be lesser in the economy, when opportunities are going to be fewer, it’s important that you are available on a lot of different platforms specially the ones that list out all of these opportunities for you and Goodwall is one of the best places that you can be present at this moment. In Goodwall, you can go and create a profile for yourself and you can put down all of your information, your achievements, your education, your work experience and you can even create a video resume for yourself, you can create interesting graphics about your work, your achievements and you can kind of create a beautiful looking website for yourself. This website can then serve the purpose of sharing on a lot of different platforms and every time you are applying for an opportunity, you can use this website as a way to make yourself stand apart from a lot of other applicants. Goodwall is one of those websites that sounds too good to be true but the fact that they are completely free and available for all of us to use from the comfort of our phones makes it one of the beautiful applications out there. 

3) Build an emergency fund:


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This is one of the most important things that all of us need to do specially in times of uncertainty. To build your fund, all you have to do is sit down one day with a pen, a paper and a calculator and calculate the amount of expenses that you have to incur no matter what. Even if you cut down on every single thing that you possibly can cut down on, there are certain things that you will still need to spend money on for example your living expenses, your housing, your food, things like that you will anyway have to pay for. So, figure out the bare minimum expenses that you have to incur every single month. Now is the time when you really have to start saving up for your emergency funds so that even if things go really bad and everything goes wrong, you will still have your food and your living expenses taken care of. 

4) Develop yourself professionally:


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In uncertain times and in times of recession, companies tend let go of those employees first who are not up to the mark. So, if your performance has always been the best and if you have been doing really well, chances are there that the company will try everything it can to retain you. So, now is a good time for you to start investing in yourself, start learning things that you have always been postponing to learn and it would be a good idea for you to start to just generally know things that are important for somebody from your industry to know. When you become somebody who is aware of the new happenings of the industry, you come across as somebody who takes their job seriously, who takes their work seriously and when you apply for future job roles, or when you apply for any new opportunities right now, even though most companies will not be hiring any random person, they would still make it a point to hire you because they would find you to be one of those people who is proactive, who is using the time to invest in themselves. So make sure that you start learning from whatever sources that you can. It does not have to be a paid source, it could be a free source as well. It is more about the will that you have and the effort that you are willing to put. Make sure that you try out as many courses as you can and use this time to learn all the new skills that are required for you to know. 

5) Start working on your hobbies:


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In this lockdown phase when we all have a little bit more time than usual, it is a good idea to start working on your hobbies that you always wanted to work on. Some ideas are like starting a YouTube channel, writing, start a blog, start content writing services, teaching, you can start any and every thing that you can possibly ever imagine. A quick Google search will give you hundreds and hundreds of ideas. Look for all of these ideas, see what fits best for you and make sure that you start working on it right away. The time to wait is gone and now is the time to take action. Who knows you might even end up doing something big. So, these are the things you can do to manage your money and also earn some during this lockdown period. By working on your strengths and putting in effort, you can even earn money during this lockdown period.

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