Business

Surviving COVID-19 Shocks

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Cut down unnecessary spending

We shall overcome!

The COVID-19 pandemic is not only affecting citizen’s daily lives, and the global economy but it is also sending shockwaves through financial markets. We have witnessed the equity market declines not seen since the financial crisis of 2008.

The impacts of Covid-19 are far-reaching and are being felt in various realms of our daily lives.  To survive the shocks of the outbreak we need to;

Cut down unnecessary spending.

Spend only on basic needs such as food, rent, water, electricity bills, and medical treatment. If you can work from home, minimize your movements to cut spending on bus fare or fuel for the car. If you have two cars, consider selling one. It might be necessary to move to a cheaper house to cut spending on rent.

Cut down unnecessary spending

Maintain a routine.

As the situation evolves across the globe, this has seen majority of companies explore the option of allowing their employees to work from home. For example, last week the Safaricom CEO, Mr. Peter Ndegwa stated that his company has allowed seventy percent of his employees to work at the comfort of their houses. This new norm comes with challenges as at home there are a lot of distractions such as Television, radio, children, and lack of supervision. In this case learn to create and stick to a regular routine to ensure you maintain your productivity despite the various distractions at home.

Take advantage of the discounts.

During these low Economic times, the majority of sectors are hardest hit, and therefore as they l try to survive, they are coming up with innovative measures to remain afloat. In the real estate business for example, there are numerous offers being dished out to woe customers thereby providing great opportunities that can be exploited. Financial institutions too have not been left behind as they come up with creative methods to retain their customers by offering loan facilities at lower rates as well as relaxing repayment options to ensure customer retention during this period. This is the best moment to invest as you will get the greatest discounts.

Take advantage of the discounts

Psychological response.

As human beings we are social beings. Staying connected to family members and friends helps manage our stress level and guard us against unhealthy coping mechanisms. Even as we comply with social distancing and containment measures set by the government, ensure you don’t isolate yourself in loneliness as it can be damaging to your health. Instead, utilize digital communication methods such as the use of Zoom, WhatsApp, texting, or calling applications on your smartphone to keep in touch with your friends and family members to share with them how you are doing and where possible offer support, love, and encouragement.

Let’s Nurture Nature

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