The outbreak of (COVID-19) corona-virus, First Identified in Wuhan, capital of Hubei, China. December 2019 and since has spread globally, the world recognized coronavirus disease 2019(COVID-19) has been pandemic by the world health organization (WHO) on 11 March 2020. As of 27.05.2020 more than 5,715,545 coronavirus cases have been confirmed in the world with more than 352,911 deaths.
Taking into consideration it’s severe intensity, both union and state level, commenced necessary action on war footing corona-virus to prevent the spread of COVID-19 pandemic. It was such a dangerous disease, known that it has no medical cure. Many diseases in the world are treatable, not curable. Researchers believe that this disease also remains the same.
The effect of corona-virus is badly felt and noticed in the most developed countries like Germany, Britain, and the USA, etc. Obviously, Many developing countries not only slowdown due to domestic slowdown but also because of the international recession.
COVID-19 virus had an impact on the organizations in general, which as seen, not only salary cut-offs but also laying off its employees. Others organization has given paid or unpaid leaves. The hotels, restaurants, and airlines shut their wings. The live events organizations have estimated the loss of Rs more than 300 crores.
The manufacturing sector places an important part of any country’s economy, suffers from a total lack of clarity. Lock-down has put great stress on supply chain essential commodities, and therefore, in the world, many of the countries focus on the production of essential commodities only, thereby governments are stopped all other productions, thereby bringing the production graph down. These Lockdowns and restrictions on commercial activities and Public gatherings are likely to impact on domestic growth.
International labor organization (ILO) has estimated about 40 crores of workers are unemployed are from unorganized sectors. As estimated by the center for monitoring the Indian Economy (CMIE), the overall unemployment may have surged to 23 percent, with urban unemployment standing near 31 percentage.
Here are the tips to Unemployed homeowners to cope up with the pandemic situation
- Think before spending
If you want to spend money wisely, keep a track of your budget how much to spend on each category, such as clothing, food, living expenses, and entertainment. Then, try to plan for each purchase these will help you to know how much money you will be spending and will be able to avoid impulse purchase.
- Home expenses
In this world growth of the population has made secured jobs is almost over. In today’s times, no job is fully secured, unless it is a government one. However, there are certain expenses to incur to survive in this world. As a homeowner, it’s important to keep budgeting and saving. If you’re spending more amount of water on washing clothes, cleaning home, try to use less this will help you to reduce water costs. Keep reducing unnecessary traveling every day outside because the government has increased petrol and diesel cost due to the lockdown situations. Home expenses are headache expenses that everyone has to look out for like painting, replacing tiles, windows, doors, pipes, etc. All over the world peoples have the habit of painting the home every festival like Ramzan, Ugadi, etc. Painting is an expensive part, always look out for the painting services which handles for the small amount.
- Mobile expenses
Unnecessary recharging the phone leads to more expenses. Try to use WhatsApp, Facebook messenger for your communication this will help to avoid the maximum cost. Mobile phone and landline expenses which found majorly in almost all the families throughout the world.
- Credit card expenses
With more shops and businesses closed today, it seems a tuff time to worry about credit cards or debit because it is necessary to use a credit card or debit card due to the situation. Don’t use cards for your purchase unless it is an emergency. Gas bills and electricity bills are necessary should be paid even in the lockdown period as they are essential expenses. Do not Delay credit card payments during an economic full stop. Credit cards as a high rate of interest and it directly affects your credit score.
- Postpone Wedding
Wedding expenses are mostly found in all over the world. As the disease fears everyone, no guarantee all invited peoples will visit the wedding. Due to the economic crisis, many purchased items for marriage cost has been increased. If the wedding date is near postponed the wedding as it incurs more expenses. This will help you to keep track of your cost.
Having budget planning can turn your life around as well as your loved ones. Many peoples have made the wise choice of tracking their expenses and not falling into debts. Hopefully, this whole exercise made you realize how important it is to have cost tracking living a happier life.