Our globe is under economic turbulence. Stores are closed and people under quarantine at home. The World Economic Forum prediction is that 20% of the population around the globe will be unemployed if the pandemic will not stop soon. This leads us to believe that we need to find resources to keep living and maybe, even more importantly, spending less. 

The Key to Success:  Buy Yourself Some Time

A short lesson in math in the context of Coronavirus. If you look  over the graph showing the accumulation of COVID19 cases, you will see the graphs are concave. The math definition is the algorithm (As illustrated below).  You can see that over time the number of new cases is getting lower.  The pandemic will stop at some point, so it only a matter of  time until the economy will go back to business as usual.

So how can you lower expenses, and buy more time?

Cancel Subscriptions 

You probably spend more on subscriptions than you realize. The average monthly spending on subscription is between $100-$199, according to a study made by  Waterstone Management Group.  Subscriptions are tricky. People don’t use the services they subscribe to. Therefore you will find yourself paying for services you are not even using. Here are a bunch of examples of subscriptions you may have:

• Dating app
• TV / Movie Services 
• Games 
• Cloud Storage 
• Learning Services
• VPN apps 
• Wellness apps 

Deserving for Unemployment allowance

In Social-Democratic countries people have the right to ask for an Unemployment allowance. According to Finance.ua, Unemployed people in Ukraine receive 544 ($20) or 1160 ($42) hryvnia per month depending on their period of previous employment. In Brazil, it can reach to $1,163 monthly payment for 3 months. Google your right for the Unemployment allowance. 

Postponement installments

Some governments are more sensitive to the situation, and are allowing postponements on some of your bills or split the payments. Postpone some of your bills, and get some time and keep more budget for necessary expenses.

Eliminate or Reduce Nice-to-Haves‍

Lay low when it comes to your lifestyle as well. Some of the extras you may be able to immediately cut from your budget include:

• Dining out
• Entertainment
• Clothes
• Travel
• Extracurriculars for kids
• Electronics and gadgets
• Gym memberships
  

Bottom Line 

Times matter in that case and everything will buy yourself some time will be highly effective. Sit with your partner and review your bank report and bills to get a clearer picture for the financial situation. Mark all the unnecessary outcomes, start from canceling and Postponing unwanted expenses and then search online for some help you might be entitled to.

Keep safe.