Every health emergency has collateral damage: an economic recession for the affected population and, consequently, for the pockets of its inhabitants. How can we get out of this situation successfully? We offer you some tips.
You should start with two basic points: do not overbuy for fear of a possible shortage and do not make unnecessary purchases that you had not planned (it is even better to reevaluate the need for some of those expenses that you had planned).
When interviewed by the BBC, the executive secretary of the United Nations Economic Commission for Latin America and the Caribbean (ECLAC), Alicia Bárcena, warns that a global recession is looming that will cause the region's GDP to decline and unemployment to rise.
But now is not the time to panic. Even though the situation could turn out to be unfavourable, if measures are taken in time it is possible to minimise the future consequences and come out with as little damage as possible.
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These 5 tips will help you get out of these states of emergency with the best outlook ahead:
1. You must be informed: In times of health emergencies, expensive treatments with miraculous cures magically appear. If you do not have enough information, fear and desperation will surely make you buy them. It is always important to follow the instructions of the health authorities of the country and the region.
2. Take advantage of teleworking: On a normal day, just commuting to work requires a monetary investment, added to the little or a lot we spend during the workday. Working from home allows you to save the money that you normally use, whether necessary or unnecessarily, and serves as a cushion for important expenses during preventive isolation.
3. Be clear about your income during this period: Planning is key during these times. That's why it's vital to be clear about how much your real income is over time and plan your expenses in line with that reality.
4. Buy only what is strictly necessary: In an emergency caused by a pandemic, it is very difficult to estimate how long it will last. The best thing to do is to be cautious and save as much as possible on food and toiletries. This does not mean that you and your family should eat poorly, but if you think about it, you probably have products in the traditional market that are not essential and not buying them will help you save money.
5. Review your health insurance: If you have health insurance or a prepaid policy, check if you have coverage in cases of force majeure such as epidemics or pandemics. Having this clarity will help you measure your level of exposure and improve self-care so as not to incur excessive expenses in the event of infection.
Critical moments are also opportunities to make profound changes and discover new habits. If you follow these recommendations, you may find that some of the expenses you cut due to an emergency are no longer necessary for your daily life.
