6 Essential advice for financial stability during and after the pandemic

 Financial stability is very crucial in this present time when the economy is not favorable. We need to plan for the future and in order not to run out of finance. You will agree with me that with the pandemic that took over the world causing a lot of financial distress, loss of jobs, businesses […]

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Financial stability
Close up finger businessman stopping wooden block from falling in the line of domino with risk concept.

 Financial stability is very crucial in this present time when the economy is not favorable. We need to plan for the future and in order not to run out of finance. You will agree with me that with the pandemic that took over the world causing a lot of financial distress, loss of jobs, businesses folding up, if you did not invest initially you will be among those that are running from pillar to post looking for a means of livelihood. Hence being financially stable is very important. don’t wait until you are hit by financial distress before you realize you have wasted your resources long ago.

To some people, it might be to spend less than you earn and cultivate saving habits to be comfortable when the stream of income is terminated or has reduced

It can also be to some people the number of months, or years you can be financially sufficient, and cover basic and will even go for a vacation after a job loss and still feel comfortable without worrying about the leftover. You don’t have to go borrowing to meet financial obligations.

Financial Stability can also mean not indebted to anybody, or company. You are living within your means what you earn and don’t have to borrow to meet up financial needs.

To organizations and business owners, it can be the ability to withstand shock in times of financial crises, enhance economic growth, and effective risk management. Explained below are 6 things that can help you achieve financial stability.


This means that you should have a passive job that can give you passive income. It helps to take care of unforeseen circumstances. It gives you financial freedom and prowess. With passive income, you don’t have to wait for salaries to be paid before you do some little expenses. Have a business that gives you streams of income that free you from financial stress.

There are a lot of businesses and online businesses that require working from home and will not interfere with your other job which can give you passive income. One of the benefits of working from home jobs is that you can choose the time you want to work which gives you the opportunity to attend to other things. Some of the examples of working from home jobs you can do with passive income, you don’t have to worry about being financially broke.


Money wasters can come in any form and nature. Focus on things you need at the moment.  Have a percentage to save before spending and not spending before saving, you have to be consistent and faithful with this practice to be financially stable. Saying no to money wasters will help you to be financially stable and financially strong. Don’t allow money to control you and don’t give in to unnecessary spending. It is not everything you see that you buy, have self-control.

Another money waster is from friends and family coming for financial assistance either borrowing or not. I am not saying it is wrong to give financial assistance to family and friends, all I am saying is that you have to weigh their request because they could be money wasters.

Controlling your spending habit is vital. By doing this you are on your way to being financially stable.


Make it a habit to always invest. it is not hard to do, you can also make a direct debit from your account it helps to discipline you. This means that as a salary earner or business person there is a stated amount that should be removed from your account on a regular basis which you don’t have access to until it is matured according to the duration you decided. Saying yes to investment helps you to discipline yourself, and if you feel that you will be tempted just opt-in for direct debit. Your bank can help you do that. There are different types of investments you can do. These are, Mutual benefit, Government bonds, Shares etc.


From your income, make room for emergency funds. Like we were taught in school days. “MOTIVES FOR SAVING ” which saving ” which are Transactional motive, Speculative motive, and Precautionary motive. Establishing emergency funds fall into the Precautionary motive because you are saving for emergencies.

Anything can come up at any time in which you will need financial help and an emergency fund will come to your rescue. Doing this will save you from unnecessary financial embarrassments, you can achieve this by increasing your savings.


Having a budget is very important in financial instability. Making a budget helps you answer these critical questions. How you are spending, why you are spending, when you are spending, and what you are spending on.

Once you are able to answer these questions you will never head towards financial instability. Having a budget makes you plan effectively and efficiently before spending.

apply the 50/30/20 budgeting rule to your income i.e

50% goes for your savings,

30% goes to non-essential expenditures like groceries, vacation, car maintenance. etc., these are optional expenses.

then 20% for financing debt. note that if your debt is on the high side then this formula may not work, then you will need to adjust the percentage that suits you. the most important is that the higher percentage is for savings or make the Savings 50% constant then adjust between the 20% and 30% accordingly.


Creating and reviewing spending charts regularly has a positive effect on financial instability. This will help you to know if you are overspending. It keeps you on track and on the check so that you are disciplined. You will be able to figure out where you have overspent and curtail excessive spending if you review the chart regularly.


We ended the first quarter of the year 2020 with COVID 19 pandemic and we are almost ending the year with it, hence the need for us to be financially stable, planning only will not solve it but prepare and follow the rules of the game meticulously and you will be financially stable. To be financially stable. Don’t spend all that you have gathered, it is true that in some part of the world they are experiencing the second wave of the pandemic like France, Spain, Germany, Italy, The U.K. economic growth is crawling but we have to make a little sacrifice now to have a better tomorrow financially.

On a final note, making use of these tips will positively affect your spending habits, teach you to discipline yourself, and in turn, save you from financial instability.

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