Experts share their tips to financially cope during Covid-19 – The National

Experts share their tips to financially cope during Covid-19 – The National

How to manage your money whether you've lost your job, had your salary cut, kept your job or had to face tough decisions as a small-business owner. We look at four scenarios that could be affecting you in the UAE, from losing a job or taking a pay cut, to being a worker secure enough to carry on your financial life as usual or an entrepreneur shaving costs to sustain a business.. People should be living off cash reserves - three to six months of living expenses.. AM: If you have active debts, get in touch with your bank immediately.. If you have a cash buffer, you could accept a lower-paid job or help people for nothing.. AM: Repayment holidays and interest-free instalment plans are great, but you must also make big changes to your budget.. Plan financially for losing your job, so you are prepared if the worst happens.. AH: Build a cash reserve.. Investing is most dangerous when people perceive it to be safe, and safest when people perceive it to be dangerous.. Coming out of the market and missing the five best days would have reduced the returns to $504,911; missing the best 50 days would have