Professional Documents
Culture Documents
Financial Stability: How To Save Effectively
Financial Stability: How To Save Effectively
I. RATIONALE
The COVID-19 pandemic has been labeled as a black swan event that caused a ripple
effect on every aspect of human life. This includes several social and economic
challenges not only in the field of business or any other profession, but also at home as
to how one’s financial capacity on a daily basis is severely tested. This webinar offers
well-crafted and practical propositions on financial management that will act as a
roadmap to potential financial opportunities to achieve the primary purpose of building a
more equal and sustainable society during this pandemic.
II. INTRODUCTION
The United Nations (UN) and other bodies like the International Monetary Fund (IMF)
have noted that the pandemic will increase inequality globally and risk a global economic
depression. An additional 8% of the world’s population are predicted to fall into poverty.
In this context, the researchers examine some over-arching observations providing a
context for understanding the pandemic’s impact on every individual’s finances and
simplified steps to acquire better money saving tips at this time of crisis.
V. FINANCIAL LITERACY
A person's level of financial literacy determines their ability to manage their resources
properly throughout life. A person being able to manage funds/cash owned by being able
to feel prosperous concerning his finances and conversely a decrease in one’s well
being can arise due to poor financial management behaviour.
VI. 7 Daily Saving Tips To Consider During This Pandemic
1. To free yourself from debt is to limit your spending to only the essentials.
Separate your wants from your needs.
2. Know where your money is going; keep track of your spending!
3. Have some of your paycheck directly deposited into your savings account.
4. Cut or downgrade your services.
5. Cut down on take-out ordering.
6. Try lowering your energy bill.
● turn off appliances and lights when they are not needed
● when you can, use a fan instead of an air conditioning
7. Be careful about spending a significant amount of money on periodic purchases.
1. Learn What the National and Local Government is Providing in This Time of
Crisis
2. Learn About Possible Hardship Adjustments in Financial and Other Contracts
(Different Payment Options and Due Dates for Credit Cards, Taxes, Bills and so
On)
3. Revisit and Create a Budget to Manage the New Conditions Imposed by the
Crisis
4. Rebuild Over Time a Buffer Stock of Savings
5. Take Advantage of Lower Interest Rates and Fluctuating Stock Markets
6. Take Advantage of Online Technology to Manage Your Money as Well as to
Compare Terms and Search for the Best Offer Available
7. Manage Debt
8. Protect Your Credit Score
9. Watch Out for Fraud
10. Take Care of Yourself and Your Health
Source: https://gflec.org/education/financialresilience/
VIII. RELEVANCE
As a society, we now know that we will need to better prepare for the next crisis. An
important step in building a more resilient society is to make financial literacy a reality for
all. Direct financial assistance from the government is clearly part of the solution to this
crisis, but in today’s economy, people are expected to make many financial decisions
affecting their finances now and far into the future.
The importance of saving money is to allow yourself to enjoy greater financial security in life. It
is our hope that these resources and strategies will provide some help and information for
people who are overwhelmed by the economic fallout of this crisis and do not know where to
turn for assistance.
- end -