The Corona crisis has turned the lives of many people upside down. The professional situation has changed and private relationships can no longer be maintained as one would actually like. But the corona virus has had a particularly strong impact on household finances. Due to short-time working or a lack of income from self-employment, many people have found themselves in financial difficulties in recent months. And since the Corona measures are still having an impact, an imminent change in the financial situation in many households is not foreseeable. Fortunately, however, there are a few ways to sort out the tense finances and get back into the green. This article gives you some tips that you can use to improve your finances during the Corona period.
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Tip 1 – Organize your finances
So that you can better organize your finances, you first need to get an overview. Make a note of the balances of your various accounts and credit cards in one place and add open bills to this list. Ideally, you should also include the due date. In this way you know immediately when and how much liquidity you need. You should then list your monthly expenses. So that you don’t forget any point here, you can keep a household book for a few weeks. This gives you a direct overview of the actual costs and allows you to design your approach accordingly.
Tip 2 – close the financial gap
Now that you have your finances in order, you need to find a way to fill the gap in the account. There are different possibilities for this. Perhaps a call to the bank is enough to increase the overdraft facility. However, it is only advisable if the money is not needed for a particularly long time. Otherwise it makes more sense to apply for a normal installment loan directly. The interest rates are significantly lower and you have a fixed repayment schedule. At the house bank it can sometimes take a long time to approve a loan, but there are also some fast banks. A list of the fastest loans can be found here. This makes it easy to find a loan that is paid off quickly. Who help in choosing the right one Loan amount needed, you will find an overview of the possible loan amounts at MoreBanker.
Tip 3 – Stay Consistent
With a loan you can bridge a financial distress very well. Once the money has arrived in the account, the borrower is initially relieved. But one must not forget that the money is only borrowed and the finances have not yet improved. Because of this, it is important to remain consistent after the loan is approved. You should not only pay off the monthly installments, but also build up a small financial cushion. If there is another unplanned expense during the loan period, it will be difficult to get another loan. It is therefore an advantage if you are prepared for such a situation and have a little liquidity. Because in this way you avoid actually getting into payment difficulties.
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