2020 was a challenging yearfor so many reasons. A global pandemic upended careers, industries and entire economies. This resulted in both personal and professional financial losses. Those who thought they had
it together saw their nest eggs blown in only a few short months. Others lost earnings entirely, some had inconsistent income and still others saw an increase in expenses brought on by the new needs arising from the onset of the pandemic.
As the world continues to turn and the pandemic deepens, individuals just like businesses must learn to operate in this new normal. This means there has to be upskilling, unlearning and relearning in order to maximise income opportunities.
In 2021, it will be strategic financial efforts that will allow individuals to recover and survive financially.
The following are five practical money tips to win in 2021:
INCREASE YOUR INCOME STREAMS
The concept of multiple income streams had been touted
long before the onset of the pandemic. Now, it is even more important. Conduct a skills inventory and determine if there are skills from which you can earn additional income and monetize them now. This is especially applicable to persons who work online. Careers such as Copywriters, Online
Tutors, Social Media Marketers, Graphic Designer and Software developers have boomed since the pandemic. If you are offline, identify any resources that you own and maximize. Person who own motorbikes and pick-up trucks are perfectly positioned to join the growing delivery service industry. Mask makers are also still enjoying much success as these items are still in demand. With schools’ re-opening on a phased basis now is great time to secure a contract for branded masks.
AVOID UNNECESSARY SPENDING
With the additional income, there may be the temptation to spend more. Don’t! As much as is possible, maintain your lifestyle and spend only when necessary and as needed.
MAKE A BUDGET
Budgeting is a proven concept that works whether your income is large or small. A budget provides the opportunity to forecast income and expenses and determine when and how bills will be paid. The budget may be done as an annual financial forecast and monitored monthly, or done a month or two in advance. Either way, use the budget to plan your spending while ensuring that the anticipated income is able to cover the planned expenditure.
To read more, please purchase a copy of Buzzz Caribbean Lifestyle Magazine Vol 10 #10 in a store near you.
Follow the Buzzz on Instagram and Facebook
Share this post:
2020 was a challenging yearfor so many reasons. A global pandemic upended careers, industries and entire economies. This resulted in both personal and professional financial losses. Those who thought they had
it together saw their nest eggs blown in only a few short months. Others lost earnings entirely, some had inconsistent income and still others saw an increase in expenses brought on by the new needs arising from the onset of the pandemic.
As the world continues to turn and the pandemic deepens, individuals just like businesses must learn to operate in this new normal. This means there has to be upskilling, unlearning and relearning in order to maximise income opportunities.
In 2021, it will be strategic financial efforts that will allow individuals to recover and survive financially.
The following are five practical money tips to win in 2021:
INCREASE YOUR INCOME STREAMS
The concept of multiple income streams had been touted
long before the onset of the pandemic. Now, it is even more important. Conduct a skills inventory and determine if there are skills from which you can earn additional income and monetize them now. This is especially applicable to persons who work online. Careers such as Copywriters, Online
Tutors, Social Media Marketers, Graphic Designer and Software developers have boomed since the pandemic. If you are offline, identify any resources that you own and maximize. Person who own motorbikes and pick-up trucks are perfectly positioned to join the growing delivery service industry. Mask makers are also still enjoying much success as these items are still in demand. With schools’ re-opening on a phased basis now is great time to secure a contract for branded masks.
AVOID UNNECESSARY SPENDING
With the additional income, there may be the temptation to spend more. Don’t! As much as is possible, maintain your lifestyle and spend only when necessary and as needed.
MAKE A BUDGET
Budgeting is a proven concept that works whether your income is large or small. A budget provides the opportunity to forecast income and expenses and determine when and how bills will be paid. The budget may be done as an annual financial forecast and monitored monthly, or done a month or two in advance. Either way, use the budget to plan your spending while ensuring that the anticipated income is able to cover the planned expenditure.
To read more, please purchase a copy of Buzzz Caribbean Lifestyle Magazine Vol 10 #10 in a store near you.
Follow the Buzzz on Instagram and Facebook
Share this post: