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The opinions of the employees of s You are personal.
Only a few weeks ago it was announced that Mexico is entering the third phase of COVID-19.
The authorities have asked people to stay at home and only work on matters of the utmost importance, which has significantly changed consumer behavior worldwide.
According to a Nielsen study, there are six phases of buying behavior that are directly related to the arrival of COVID-19. These phases are: proactive health purchases, reactive health management, preparation of the pantry, preparation for life in quarantine, restricted life and life in a new normal.
Mexico is currently in the fifth phase of restricted life.
And this situation has also had a negative and positive impact on people’s personal finances.
For this reason, I will explain a few aspects that can affect your finances, and later I will tell you how you can survive better in this situation:
1. More stress, more unnecessary costs
While it may seem that it is less stressful to be at home with your family and work remotely, this is not entirely true. Sometimes conflicts and high stress can arise if you live with the same people for so long and cannot go out. And since we cannot go out at the moment, many people are relieved by online purchases. Clothing, video games, streaming platforms … People don’t spend their money, they put products in their shopping cart.
And even though they now appear small and insignificant, at the end of the quarantine you will find that the amount may have increased, possibly due to a lack of budget or without considering the shipping costs.
Tip: It’s okay if you want to treat yourself, but keep an eye on your expenses. Remember that the picture is still very insecure. I recommend that you use your money wisely and do not spend everything on emotional shopping. It also has an independent account where you can measure the shipping costs incurred in addition to your consumption.
Another consequence of quarantine is that you are likely to want to eat all the time if you are afraid. And which option do many people choose? Order food at home. Have you already created the account?
Tip: If you go to the supermarket (or if you order it from your home), you can add cravings. Potatoes, chocolates, sweets, ice cream … it’s about having a small grocery store that you normally fancy. It will certainly be cheaper and save shipping costs or tips.
3. Panic shopping
Another problem that can get money out of your wallet (and which you may not attach appropriate importance to) is panic shopping. Although I always recommend that you have supplies in case the situation becomes more critical, keep in mind that panic shopping can backfire.
Tip: Go to the supermarket with a list and stick to it. This will help you not exceed your budget and you will also make smart purchases. No panic. Check your fridge and cabinet well so that you do not make unnecessary purchases.
4. Keep your monthly budget
Not because your daily activities have changed, it means that you no longer keep an eye on your income and expenses and do not lose the habit of creating your monthly budget.
Tip: Prepare your monthly budget even if your expenses and commitments have changed. This is a great tool to keep your personal finances in order. You may not be spending on trips anymore, but you’ve hired Netflix, and this is an issue you need to register. The most important thing is to stay in control and not lose your habit.
5. No need to worry
We may not have to worry to the point where we have health problems … but we have to take care of ourselves.
Many people still believe that the COVID-19 problem is a lie, and they think that everything will just normalize again.
However, the economic crisis is real, and dollar and oil prices are also real. Mass layoffs are also taking place around the world and are not an issue that should be taken lightly.
Tip: Protect yourself and your family. We don’t know what our reality will look like when all of this is over. We cannot know whether there will be more unemployment or whether wages will be cut.
But what you can do is take precautions, take care of your money, take care of your health, and take care of your closest associates. Generate sources of income outside of your normal job, reduce expenses (which you can), get out of debt and try to negotiate what you can negotiate to get less money out of your pocket.
I end this note with one of my favorite phrases: “If you don’t care about your money, no one else will do it for you.”