Dealing with finances wisely has always been important, especially during times of uncertainty. Having a uniform budgeting system with a constant and regular flow of income and expenditure paves the way to a stronger foundation of the unforeseen future. A quarantine though not seen as a favorable circumstance for anyone to find themselves in, should, however, be perceived from an opportunistic point of view in terms of the savings one can make due to its implementation.

Here's a few ways one can manage their finances amidst COVID-19:

Making a separate budget for emergency use only

Social distancing in itself helps us cut down on the extra cost incurred through travel expenses, unnecessary expenditure on entertainment and other extracurricular activities. Aiming to save up on these expenses and instead channeling them towards an emergency budget that can benefit us in the long run for necessary spending like health and medical insurance, or even investment in businesses would be more effective. Saving up on such costs will gradually add up to a huge sum over time!

Spending as per need, not want

It is important to realize the difference between what is essential and needed and what is not essential but wanted! Tough times call for strict measures and one way of ensuring that our spending is limited and saving is increased is through this differentiation of need and want. Making a list of items that are necessary for a day-to-day survival during self isolation or social distancing should hold top priority in our expense list, for example purchasing medicine, essential grocery etc., whereas, other not so important items should be either pushed to the bottom of the list or completely removed if possible. Another point to be noted is that even though buying day-to-day essentials is vital, it is not wise to overspend by hoarding and overly stocking up in quantities that may eventually go to waste.

Making informed & planned decisions

It is always beneficial to stay updated and well informed on everything going on regarding current affairs on a global and especially local scale. Unforeseen circumstances call for unprecedented call to action. The pandemic may have resulted in the isolation of the public but in turn has resulted in governments and businesses offering relief packages and discounts for the public. These offerings help consumers save up on their expenditure. Conducting individual research to find out where to get the best offers and discounts from which businesses and websites and sharing the knowledge will benefit the individual and community. This can be achieved by keeping tabs on websites like deals.hidubai.com, that serve as a platform to track discounts and offers from retailers around the city. Now is the best time to grab those offers to save costs in future and also to support local businesses.

Seek help when needed

If there is one thing difficult times have taught us, is to take advantage and make use of every available opportunity that comes our way or to create opportunity for others and ourselves. Landlords across UAE have taken steps to do just that by decreasing rentals for retailers and helping tenants with leniency through delayed payments or extended leases for a time period of 2 to 3 months. Al Futtaim Group is also offering rent relief to eligible tenants. This move has reverberated in the residential sector with the government exempting struggling tenants from paying rent through the issue of directives for their protection. These steps taken by the government and businesses for the residential and commercial sector in the lifeline needed to fortify the savings account. Moreover, many UAE banks have introduced new financial relief measures amid the coronavirus outbreak in line with the central bank's AED100 billion economic stimulus package. All these measures have been implemented for residents who are in need and struggling.

Beware, Be Aware

There are a lot of opportunists in the world looking to take advantage of the vulnerable and ill-informed, it is our duty to take precautionary steps to safeguard ourselves and spread awareness. During uncertain times it is best to adopt caution on the financial front especially. Fraudsters pay no heed nor discriminate between good or bad times. A few steps individuals can take to safeguard themselves from financial fraud or the like is to maintain secrecy of sensitive information like financial details on text and emails, avoid or block unsolicited mails and links, ignore questionable offers and look for renowned alternatives backed by a legitimate retailer or business, contact banks and insurance companies directly on toll free numbers or websites. Being aware and cautions during uncertain times is the best route to save and survive.