3 Ways to Survive the COVID-19 Pandemic and Impending Global Recession
We are most definitely living in uncertain times with the COVID-19 pandemic leaving hundreds of thousands dead and millions more locking themselves in at home. The aggressive rate of infection and lethality of the virus has ravaged economies and ground the global economy to a halt.
Furthermore, falling consumption and the low demand for oil has resulted in a dramatic crash in oil prices that has sent investors scrambling for cover. For the man/woman on the ground, what does all this mean?
In a nutshell, the world is heading for a massive recession as businesses shut down and employees are left jobless. Some have already been laid off with others being forced to take pay cuts.
Given the huge uncertainty surrounding the situation, it would be prudent to begin circling the wagons and consolidating one’s resources. The COVID-19 pandemic has revealed the fallacies of excessive consumption and people have begun to rediscover the possibility of living with much less.
With a leaner, meaner mindset in mind, we take a look at how you can better optimize your life to come out of the COVID-19 pandemic, a better, healthier person.
- Start Cooking Your Own Meals
The convenience of modern day takeout and food deliveries have left us spoilt for choice and as a result, we have become too reliant on eating out. Food prepared outside often contains ingredients of a questionable nature and is likely to contain too much salt and sugar.
While tasty, consuming excess amounts of such food is detrimental to your health and can lead to complications such as heart-disease and diabetes. In stark contrast, there are plenty of reasons why you should cook your own food and literally no cons to it.
Firstly, when you prepare your own meals, you’ll be able to ensure that you make use of the healthiest and freshest ingredients which makes for more nourishing meals. Given the infectious nature of the COVID-19 pandemic, eating out would also needlessly expose you and your loved ones to any unneeded risks.
Additionally, studies have shown that asymptomatic COVID-19 patients can infect others with the virus, which makes staying at home, all the more crucial.
In terms of cost-saving, preparing your own meals are much easier on your wallet which will help you stretch your savings further. Restaurants are notorious for adding ridiculous mark-ups to their meals which makes the added convenience much less worthwhile.
- Audit Your Expenses
As you’ll be staying home for most of the time now that the lockdown is here, now would be the perfect time to perform an audit of all your expenses. Take a long, hard look at your monthly expenditures and mark down all but the most essential of expenses.
Do you really need a gym membership during a pandemic? What about the subscription fee you pay every month to that streaming service you’ve only used once?
While the amount may seem small at first, cutting the fat from your expenses will help you save up more cash over a longer period of time. During the leaner months, you’ll be grateful for having a decent buffer that can tide you over.
Sitting at home with nothing to do? The first thing that you should do is to avoid browsing all eCommerce sites like eBay or Amazon. These sites prey on customer’s looking to relieve their boredom with some retail therapy and given the numbers from the past month, that strategy is working with some companies reporting a 74% growth in sales.
Most of the time, you’ll end up purchasing something that you don’t really need at your own expense and you’ll only feel better for a short while.
- Take On A Side-Hustle
While the economy may be going south, it doesn’t mean that there aren’t any opportunities to make a buck. Since the lockdown has got everyone stuck at home with plenty of time, now would be the perfect time for you to start monetising your skills.
If you’ve held a day job of some kind at any point in your life, chances are that you’ll be able to make use of this skill. The connectivity offered by the internet has made it possible for just about anyone to start selling their skills online.
For example, if you’ve got a talent for design or marketing, there are plenty of companies out there looking to take on the services of a skilled freelancer. The extra cash you pick up from freelancing will help keep you afloat or even form the basis of a profitable enterprise.
If you are a betting enthusiast and maybe you fancy horse racing, you will have an extra time to analyze the Kentucky Derby odds and take your gamble as the race has bene postponed to September. Still wage responsibly.
There is no doubt that the COVID-19 pandemic has severely disrupted our lives. However, the best that we can and should do is to adapt to the situation and improve ourselves accordingly. With discipline and plenty of hard work, getting through this difficult time will be a cinch.