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Retirement Funds and Investments

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Short Term Insurance: Personal and Commercial

Wholistic Independent Advice

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We are in unprecedented times. Unprecedented times call for immediate action. Here are several unusual tips to survive the COVID-19 environment. Some ideas will be different from what is considered “normal”.

We have to find a new normal during these unprecedented times.   

Save whatever cash you have, do not spend it on the credit as far as possible. This is completely opposite of what is recommended in “normal times”. 

We do not know where these things are going, and with much higher unemployment and scarcity of work, you have to save as much as you can.

The quickest way to go from Safe Zone to Danger Zone is to lose your job or get a huge salary cut. Now you need to save your cash to buy food later.

 Therefore, what can we possibly do?

  1. Relook at your budget for ways where you can take to save money:
    • It is all about conservation! Conservation of your cash.
    • If you do not have a budget, then create one by using the PERK system to cut expenses (This needs an aggressive approach):
      • Postpone expenses that you can put off for a while. For example, a house renovation, holiday, new car, washing machine or dishwasher.
      • Eliminate expenses you can eliminate completely, such as a gym membership you never use, DSTV premium, you never watch, or newspapers you're subscribed to, but never read.
      • Reduce any expense that you are willing to cut back on qualifies for reduce. For example, if you order out lunch every day but are open to cooking lunch twice a week, mark the expense reduce. In this case, you are reducing the frequency of the expense. Likewise, you could continue to order out lunch every day, but choose less expensive restaurants. Both situations reduce your expenses.
      • Keep fixed expenses such as rent, home loan, insurance, and food are necessary and should be marked keep.
    • The PERK system consists of two simple steps (Use a spreadsheet, but piece of paper will also work):
      • List all of your expenses individually and then add them together. This must include recurring expenses like rent, car payments and municipal fees. This must include annual payments like TV License or other fees payable.
      • Next to each expense write the letter P,E,R or K.

If you cannot save much on expenses it means that you are overextended because your whole income goes for necessities. You will have to find additional sources of income.

 

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