The financial impact from the ongoing Coronavirus pandemic has been tough on a lot of us. Now more than ever, it’s even more tempting to bury your head in the sand and try forget about your finances. However, with the economy looking so uncertain, now is actually a great time to get organised.
Don’t avoid looking at your bank balance
We’ve all been there. Avoiding looking at the figures in our bank account and simply hoping for the best. This is one of the worst things you can do right now. A good habit to get into is to make a note of everything you have coming in at the moment, especially if you have experienced a wage cut or been furloughed. Whether it’s via your online bank or old school on pen and paper, look at a breakdown and go from there. If things are looking tight, cancel outgoings such as cinema membership, Spotify etc.
Plan for the worst
Once you’ve looked at a breakdown of your finances, it’s a good idea to plan for the worst. Hopefully it won’t come to that, but you’ll be prepared if you do! A second wave of infections could further impact and disrupt livelihoods. Try build up your savings now if you can.
Get help if you need it
Of course, help is always available if you need it. There is no shame in needing help figuring out your finances, in fact it’s one of the most responsible things a person can do. Having somebody do your accounts is a great way to think long-term and spot opportunities. We’d also argue they are one of the most important allies right now!
Contact LK Financial Accounting LLP
For more information on how to manage your business performance and finances, contact Contact LK Financial Accounting LLP today.