by Homy Invest
Almost all companies are now cutting their employees benefits and salaries to cope with corona-virus economical side-effects due to the curfews and lock-downs all over the world. However, you are so lucky to be on that side instead of being terminated! and out-of-job…
Unfortunately, for the last couple of years people start to spend more on luxury items and unnecessary things in their life for many reasons differ from one to another without judging its validity or not. Therefore, the inflation started from the consumers who are willing to buy things whatever the price regardless the value added…
However, in difficult times. people have been awaken by this pandemic by the following:
- Thinking of their shopping behavior and spending habits
- Revising their priories list to identify what’s needed from what’s wanted or desired
- Limiting their basics expenses especially the online ones which you are wasting your money on things yo don’t need
- Going back to basics and pay more attention to family values, home made food, planned going-out , social appearance without exaggerating or showing-off
- Buying Practical things such as: low maintenance cars, liable electronics, long-last appliances/furniture, and so on…
On the other hand, some people were planning to spend more on life luxury once the pandemic is over to enjoy their earned, saved money before loosing their health and suddenly, they were shocked by the salary cuts and feel drifted away from their fantasy dreams to face the reality… This is why Work/Life balance is so important regardless high or low income…
Now, how to adopt the new salary cuts ? besides what we have mentioned above, you can do more as follows:
- Set your life expenses on 55% of your current income as more cut expected to come due to slow economy recovery
- Save as much as you can without affecting your life amenities
- Search for shared or lowered rent property (preferred if utilities bills are included if possible)
- Set your shopping list every month and revise it many times
- Plan and arrange your big purchases over the year
- Don’t waste more money on online offers, or shops sales if you don’t really need it
- Start a side income such as: start-up, home based business, brokerage, and so on
In all cases, you have got to adjust your life style and the way of living at current times and try to compensate the shortage from other legal income sources…
