As we continue to experience many unprecedented effects of the COVID -19 pandemic, like disrupted financial, professional and social environments, it is vital that we pay keen attention to managing our finances though this crisis.

While some factors affecting our well-being are beyond individual control, financial knowledge can help people better manage their finances through times of hardship and times of prosperity. Daily individuals are losing jobs and wages that they have been reliant on, with no guaranteed stability. With so much uncertainty in the world at present, here are some useful tips in ways you can Manage your Finances.

• Adjust your budget: Analyze your monthly budget and cut back on non-essential expenses, such as memberships for Gyms and social clubs. Consider using other many free alternatives available online.
• Assess your banking relationships: If the banks are offering a mortarium on mortgages or personal loans for a grace period, use this opportunity to contribute to your savings.
• Reduce credit card spending: Limit unnecessary purchases.
• Limit social outings to minimum: Consider social activities at least twice a month rather than weekly. Have fun with your family in the kitchen learning to cook new recipes!
• Watch out for scammers: Beware of scams related to the Coronavirus.

“Make the best of this short time to come out financially stronger and give you benefits that will last a lifetime”, Donna Reid Joseph, Terminal Manager of Sint Maarten.