Better Financial Health Amid the Pandemic: Our Guide

Jan 07, 2021
financial health

Among the different nations in the world that continue to suffer because of COVID-19, South Africa has experienced the most significant impact by far in its healthcare industry and economy. 

In the case of the latter, the country’s natives have been experiencing a more difficult time managing their finances and living their lives because of the issues arising from the crisis. With retrenchments adding up and more opportunities for profit being lost along with dwindling footfall, regular workers and business owners have been experiencing greater difficulties than ever. 

Unfortunately, the pandemic has done far more than put the health of the public in danger as it has created conditions wherein millions of South Africans are already experiencing huge financial losses! 

What is the effect of the pandemic on the lives of millions of South Africans?

At this rate, the COVID-19 pandemic has changed the lives of our nation’s constituents because of how its effects have extended beyond physical health.

On top of the huge financial losses that businesses have been experiencing, many citizens have been forced to change the way they manage their expenses to the extent of being more conservative. In fact, many have decided to spend less on luxuries while mitigating different methods that can be used to manage predicaments caused by salary cuts, shaky job security, and potential lay-offs.

Although the South African economy was already experiencing a great amount of difficulty before lockdowns began, the pandemic had put it in an even more dire situation, with its international credit rating being reduced significantly. As such, the need for more responsible financial practices was further emphasized by the fact that more than 85 percent of South Africans now need financial help!

Critical financial tips to make it through these COVID-19-affected economic times

With the South African economy taking a beating and conditions becoming even worse, you may find yourself wondering about what you can do to make it through these turbulent times. Whether you’re strapped for cash and out of a job or struggling to get by from paycheck to paycheck, it pays to know what you can do to alleviate the effects that the pandemic has brought about.

Thankfully, keeping your financial health in ship-shape (or even improving it) in times like these doesn’t have to be so difficult because these simple yet effective tips will turn things around: 

Tip #1: Leave your credit card behind

If there’s anything that you don’t want to be doing at this moment, it’s putting yourself in an even tighter financial situation by racking up more bills that will put your financial health in grave danger. By storing your credit card away and only using it for emergencies, you can continue living debt-free or end up acclimating to a mindset where you won’t end up living beyond your means! 

Tip #2: Sell what you don’t need

Whether you have an old set of golf clubs lying around or extra clothes that are too big, small, or rarely used, anything that you have in the house that you don’t use and can live without should be sold. Once you offload enough items that you no longer need, you can generate emergency funds and extra savings to carry you through even tougher times until the economy recovers!

Tip #3: Take out a payday loan

Although it may seem counterproductive at first, taking out a payday loan from Hoopla Loans during these crippled economic times can help you survive the current crisis because of the extra funding you get. As you saddle up with a payday loan, you will have an extra amount of money for emergencies and can give yourself some moving room to save up and easily make your repayments, leading to better experiences!

Conclusion

With the COVID-19 pandemic affecting South Africa, it’s clear that the need for proper financial management is far greater than ever. Through the help of the three key tips mentioned above, you can help reinforce your financial health and ensure that you’ll get through the pandemic (and all the years after) as smoothly as possible!

We’re an online loan provider in South Africa that offers payday loans for those needing a credit score boost with a quick and easy process. Check out our website to apply for a loan today!