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How to stretch your finances this season

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  1. DIY: Staying at home has taught us big lessons. Just like you, I have now discovered that going forward, I will do several things on my own. This includes but is not limited to doing nails, hair, hair color, cooking at home and basic house repairs. These cost money. Currently, money is a very scarce resource and you can save each and every cent and put it into better use or stretch your savings to last longer. Join our membership club and make savings any time you want to take a break to rejuvenate.
  2. Pay for what you must. Governments and everyone has been talking about essential services. In the same breath, classify what you consume into essentials (like food, rent, health, electricity) and nonessential (subscriptions, memberships). Pay for only what is necessary now, the rest can wait.
  3. Buy essentials and buy in bulk. This is not the time to continue eating expensive products if you can do with cheaper alternatives. You can buy sweet potatoes for example instead of bread or bacon. When you go shop buy stuff in bulk from whole sale shops like BNM in Uthiru and others. This saves you trips to the shopping malls and reduces your risk of contracting infections. You can also cook in bulk and store the food in the fridge and this will save the cooking gas so that it can last longer.
  4. Talk to your creditors on restructuring your loan repayments. This crisis affects everyone so don’t shy away from asking for loan repayment holidays or reducing the amount paid monthly until we get back on track.
  5. If you have insurance policies you can ask your insurer for the possibility of putting the policy on hold so that you can resume paying your premiums when things look up. You can also do paid up so that the policy still gets to the maturity but without further payments from your end. Of course your return on Investment will be less than projected so liaise with your insurer for the best possible way.
  6. Start an income generating activity. Remember every man`s poison is another`s food, so think of how to take advantage of this crisis and see what you can sell. Tailors can for example make masks. If you have a garden, this is a good time to start farming. Food will always be an essential commodity.
  7. Do you have debtors? Don’t give them a break until they give you a payment plan. Do not assume they are cash trapped, let them be the ones to tell you this. Remind them to keep paying even if in small bits.
  8. Keep in touch with your customers. They will always remember that you kept giving them hope in these very difficult circumstances. They may also give you ideas of how to restructure your business for now and for future
  9. Do you have smart cards, `bonga` points? The other day I was pleasantly surprised to discover that I had 10000 worth of `bonga` points that I could shop with. So check your status and if you do not have those smart cards, just get one. You will always shop especially for the essential items. So why not have someone give you something back, however small?
  10. Move from a high rental to one that you can afford or better still, join a friend or relative and share the space and the costs that come with it. This will reduce your cost, prevent debt accumulation and at the same time you will get people to spend time with. Staying alone in this crisis is not a good idea for our mental and physical health. For more of our articles click here. Do join our membership club and enjoy the benefits that come with our furnished apartments. #postcovidtravel, #DIY, #copingwithcovid

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