How to support your family during lockdown on one income

The truth is, the COVID-19 global pandemic is causing an unprecedented economic downfall on a global scale. People all over the world have felt it, and continue to feel the significant impact of the virus, first from each country’s economy and on individual pockets.

The reality we’re facing is that there are disruptions in business operations, which has come as a result of the nationwide lockdown measures. A lot of businesses cannot sustain the financial strain and are succumbing to the pressure. Many are forced to shut down permanently, and the ones that are still operating are cutting down on employee costs.

This leaves many individuals without jobs, which means families are losing income structure they’re used to. With the circumstances being what they are currently, it’s more than likely that even more families are surviving on one income. For the breadwinner, there’s already pressure to cope under this crisis. Now, making ends meet and supporting a family is an added pressure that can stress anyone in this position. But with all of that said, there are coping strategies that you can use to manage as a support system for your family.

If you read on, you’ll find a few tips to help you learn how to save money in a crisis and support yourself and your family during this time.

Take care of your well-being first

That old saying about pouring from an empty cup is particularly relevant in this situation. You need to start helping yourself before you can be a support system for your family members.

Try and eat healthily and do some form of exercise to boost your energy levels and lift your spirits. Try and fit in some of your favourite hobbies if you can do any of them from the comfort of your own home. Connect with your friends and family members to stop you from feeling lonely. As much as you’re a support system for your family, you also need a support system. In most cases, these are friends and some family members. Keep the connection lines open with them. That way, you get a minute to just focus on more positive things.

If you live with your family, try and do fun things together like playing games or watching your favourite movies or series, to avoid thinking about things you cannot control.

Stay informed

Information is important during a time of crisis. It’s also equally important to make sure that the information you consume is factual, reliable and useful. The one way you can go about this is using reliable sources. An example of a reliable source is the government’s website and its social media accounts. Any information on these sources is guaranteed to be reliable. You will learn more about what the South African government is doing to help citizens during this time, and you will learn about programmes in place for financial relief available for individuals in need. Be wary of overwhelming yourself with too much content.

Cut costs where you can

Track your spending habits to learn about where you’re spending most of your money. Relook your budget and move things around to remove or put on hold non-essentials that you can live without. You will find a gap where you can accommodate your added responsibilities. For example, if you have premium payments for entertainment, try to downgrade to a more affordable package that will still serve the entertainment purpose.

While this is hard to do, particularly where there are kids involved, it’s important to cut expenses as much as possible. Look at the groceries that you buy for your family, and see if there aren’t any non-essential items that you can do away with to add as luxuries later when you can. Shop around, make price comparisons and opt for less expensive stores.

Make contact with your creditors

Paying debts when you feel like you can channel the money toward essentials like food for your family can be stressful. But the creditors are humans with feelings. They are going through the same situation as you, albeit not exactly with the same impact, but they can empathise with you. Have conversations about reducing your debt payments and extending your payment lengths where possible. You can also try to negotiate skipping payments where you can, but ensure you’re able to catch up rather quickly so it doesn’t become overwhelming later on. Trying to reduce cost shouldn’t cost you more down the line. Be mindful that not all will agree to your new negotiations, so, manage your expectations.

Seek financial assistance

Financial security is difficult to achieve during these times. And, when things get even more challenging for you, you can help yourself by seeking financial assistance. There’s no shame in asking for help when you need it. Put your best foot forward and take action. One of the few positive things during this crisis is that no one is truly alone. There are many organisations and companies which are working hard to help people like you.

Use this opportunity to relieve yourself from stress by allowing reputable businesses to help you where you need help. Businesses have put in place financial assistance options to help you get through this tough time, such as personal loans. There are many businesses that offer personal loans online, which are specifically tailored to help people, such as yourself to get the help you need. The process to apply for a personal loan online is typically easy, and the requirements for the application are usually available for you to read through.

Some businesses will provide you with all of the information you require to make a decision, such as what the loan covers and the length of the repayments of the loan. This way, you won’t be blinded into making large repayments without knowing how much they will be, you can make use of a personal loan calculator, to learn exactly how much you can afford to pay back.

Navigate your new reality

Living on one income is not easy for any household, even more so a large family. You might have just found yourself as a breadwinner for the first time due to your family members experiencing layoffs, retrenchments and similar unforeseen circumstances. While it’s a difficult experience, you’re not alone, and you can apply for a personal loan to help you navigate your new reality. The important thing to remember is to be cautious in the decisions that you make. The goal is to make your life a little easier, not harder. So, learn to assess where a decision might land in you in a more difficult situation than you’ve ever been before.