How to save money using saving tools calculation

How To Recover Your Funds Especially After The Pandemic

Hey all  💚

It's been a while since I wrote this, initially after what happened throughout the past coronavirus pandemic. These past 2 years had made me think of the monetary wreckage wrought by the coronavirus. The pandemic has not only caused a whirlwind of panic-stricken death but certainly has caused a lot of financial damage as well.

Those affect the most are basically the low incomes household like mine. We did not prepare ourselves for this, mentally, physically, or financially.  We had to rely on our emergency savings and thankfully, the government aid supports us to maintain our life sustainability for a bit longer than we expected. 

Going through the first year wasn't easy, let alone going to two years. My husband and I had to plan out our finances comprehensively.  We had to think and calculate almost everything, about our loans, insurance, lifestyle, and such. 

Thankfully I have found the right tool to help me to understand and simplify my savings calculation.  Using this savings calculation tool, I got to learn how to set my goals, savings, investments, and retirement funds. 

Best of all, there are steps and pieces of information on how to get your goals set up! It really helps me out with my recovery of funds and I continue to love using this throughout these times. And let me share with you a bit of my experience in how to recover from a financial crisis!

What are the steps of recovery you should make after facing any emergency financial crisis? 

How to save money using saving tools calculation

Start by paying off the debt that costs you the most. 

In the first stage of your recovery, concentrate on catching up on overdue bills or loans. If you’re about to exit sufferance for your home or other loans or credit card debt, make sure you are bargaining a repayment plan you can manage, or else, you might feel more deeply in debt. 

I think in most countries, the government had helped anyone with loans, be it housing loans, study loans, personal loans, or credit cards. Borrowers could ask for an initial forbearance of up to 6 months. That would be in my country though, not quite sure what's other countries were given the forbearance period.  Bare in mind, you still owe the money.  Interest still accrues, but fees and penalties are waived for the time being. The past-due payments would effectively extend the term of the loan.

How to save money using saving tools calculation

Refunding your retirement savings. 

The important thing is to take it slow and not feel hustled to get back on track if you lost your job or had a disruption in your income. If you halted saving for retirement or reduced your contributions, get back into this habit once you have a better footing on your finances slowly. 

But if you’re still deeply in deficit or lack emergency funds, start there first and then strengthen your retirement savings next. Give yourself consent to take as much time as you need to reconstruct your lifestyle. Cut out the unnecessities.

If you took advantage of government forbearance and tapped into your retirement conservations to support make ends meet, you should also do everything you can to make yourself whole. Remember to save more and use less on 
needlessness leisure for the time -being. 

How to save money using saving tools calculation

Replenish your emergency fund

Maybe most of you had to decimated your emergency funds just like I had due to the pandemic, it's okay! If you’re able, start rebuilding it again. The usual recommended cash to save is three to six months of living expenses, but please don’t put too much pressure on yourself to reach that goal right away. Take it slow. I know its tough to cope on but just at least start with enough savings that will get you to your next paycheck.

If you don’t already have one, start putting money away for an emergency fund to pay the bills if you get hit with unemployment, or when unexpected expenses  such as home repairs and medical bills. 

I understand that you might be bent to focus only on paying down your debts, but don’t ignore the need to have a small savings fund. 
Having a savings set aside helps to prevent you from having to rely on credit cards, draining your retirement account or even borrowing more for a loan just to cope up with life.  You want to avoid this while you’re in recovery mode. 

The one thing that I know if you’re strapped for cash, you might want to consider refinancing your loans to lower your monthly payments. Just a thought. 

No one knows yet when the COVID-19 crisis with its variants will end, but we can safely accept it will not be the last financial crisis we face. As we continue to practice safe social distancing and make medical progress to combat COVID-19, it helps to know that there are steps we can take today to put our financial back in order as quickly as possible.

Remember, as you take steps to recharge your financial security today, don’t forget to protect your finances for tomorrow. Always be prepare for a rainy day! Remember to use the savings tools I've shared with you for a better calculations and estimations gor your savings okay! 

Hoping for a better future. Take care! 

Well, that's all for now! Thanks for reading my blog !! I hope you've enjoyed it!

Have a wonderful day and always be happy!! 

 Be nice, Be respectful and Be responsible.

ZazaAzman a.k.a MamaMonsta👻