What
is the World Facing?
The
pandemic has spread to more than 187 countries of the world; there are over 3
million confirmed cases, and more than two hundred thousand deaths. It not only
affected our health but also dug its claws into our economic, social, political
– every aspect of our lives. There’s no telling when this outbreak will end;
thus has affected the world economy quite severely.
The
largest economies of the world, like the US, UK, China, France, Germany, Italy,
etc. are falling vulnerable now. There are high chances of a big recession as a
result of the current situation. Lockdown has been materialized in most of
the heavily affected countries. It has caused unemployment to skyrocket and
productivity to fail.
What
is the Economic Situation of Bangladesh?
More
or less, every country in the world is facing massive economic difficulties
now. Of course, the situation is not bright for Bangladesh either. Though
small, the economy of Bangladesh is a fast-growing one. But the current COVID
situation has this country in a bind too.
The
economy of Bangladesh is hugely dependent on the garments, import-export,
remittance, etc. sectors. This pandemic has forced many countries to close
borders and limit interactions. Thus the business deals with those countries
with Bangladesh have come to an end too.
The
garments sector is a major economic sector of Bangladesh. For controlling the Coronavirus
outbreak, the country is enforcing a lockdown. For this, many of the garments workers
are not being able to work; and hence, are not getting paid. A lot of the
remittance workers have recently returned from abroad, having lost their jobs. Also,
a considerable portion of the population work as day laborers or minimum-wage
workers, who are also not earning any money now. A lot of small businesses and
entrepreneurship have closed down.
Overall,
Bangladesh is facing a downfall in almost every economic sector. It is already
a weak-economy country. Under the current situation, its economy might
completely crumble.
What
You Can Do
The
future seems bad for all of us; it is likely that we won’t be able to escape
the brunt of the economic difficulties generated by COVID-19. But you can
minimize the damage by managing your finances. If you want to secure your
future, you have to act now. Read the following steps to learn how to design
your personal finances in this pandemic.
How
You Can Manage Your Finances
It’s
essential to start planning your finances now; there’s no telling what lies in
the future. Follow these steps to structure your money inflow and outflow.
·
Create a
Budget:
The first step to manage your finances is to
create a budget. Calculate your income and expenditure; try to find ways to
minimize the expenditures.
·
Your Bills
Come First:
Prioritize paying your bills; because overdue
bills will take out more from your wallet with fines.
·
Save:
Try to avoid unnecessary purchases. Try to
save as much as you can and make future budget plans.
·
Emergency
Savings:
The whole COVID-19 situation is an emergency
one. Save some of your money for emergency uses like paying hospital bills, buying
medicine, etc.
·
Get Your Payment:
If you have any payments pending, let your
payers know. Make a list of your income sources and calculate the amount of
money you will have access to each month.
·
Check for
the Stimulus Packages:
The government has declared various stimulus
packages to support low-income, vulnerable communities. Check if you are
eligible to receive such financial aid. Contact the authorities to get aid if
you’re eligible.
·
Get a Loan:
This isn’t a highly advised step, but you can
take it as a last resort. If there’s no income source for you right now,
consider getting a loan. But keep the interest rates and the loan payback
deadline in mind.
·
Stay Updated:
On top of all, stay updated. Keep track of the
government-provided privileges, aids, and stimulus packages to avail them while
they are accessible.
·
Don’t Lose
Hope:
Don’t get too hopeless. The pandemic situation
is indeed frightening, but we will get through it. Don’t waste time despairing
and manage your resources instead.
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