How to Manage Your Finances When You Have No Income?

[Good-Guy]

There are many people who suffer from financial problems in their life. There are many people who have a really harder time saving money and dealing with their expenses. The Covid-19 pandemic also brought many financial challenges for the people because many people lost their employment and many businesses went bankrupt. This led to funding issues and many business projects also stopped due to this reason. There are many people who have a huge amount of money with them. However, since the pandemic stopped many businesses, this led many rich people to spend the money they had saved prior to the pandemic period.

Many people in my country are dealing with their expenditures by using the money they had in their hands and this is leading to several problems related to finance management. So, the main question here is: how can a person manage his or her finance when they have no income? I think it will be a much better thing to cut your expenses as much as you can and find a way to invest in business that is booming even during the time of pandemic. For example, the business of medical equipment was booming and it could be a great idea to invest money in such kind of business. Any ideas you could suggest?

 

[Jasmine]

If you have no income, you will have to depend on allowances from your family or the government to live a live. If you are receiving allowances, you need to spend only on the necessary items and try to save as much as you can. For instance, you can try sleeping in the parks and save money on room rents. In the mean time you will also continue to look for jobs because you need an income source even to feel the basic necessity. You need to control your expenses, spend only on the basic necessities, and try to use the money in better way

 

[Yusra3]

When your income is zero, be sure to pay the money prioritizing in case of those which are essential like housing utilities and food. Straight cause a cut in the spending that is non essentials and therefore result to a moderate financial assistance from aid programs of government, non profit organizations or relatives. Bargain with creditors so that the payments can be deferred due to the hardship caused by the pandemic. Besides justifying excellent folio credit score, obtain cheap loans discounted with low interest rate (as a backup). Away from the recurrent costs reduce the housing is getting smaller or mode of transportation modification.. Keep in mind that the income source of movement meaning the departure or birth can be a bit of a difficult transition.