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How Can You Survive the Coronavirus Pandemic Financially?

With the coronavirus pandemic affecting the economy, many residents are worried about how they’ll survive financially. As the world adjusts to the changes brought on by the virus, those who are already experiencing financial hardships will be hit more profoundly by others.

In Bahrain, numerous expats have already lost their jobs due to the closure of some businesses. The impact is felt not only by business owners, but the staff who work at these businesses too.

“It’s a very stressful time.” Nadia, an expat who has been laid off says. “We always try our best to find ways to save and manage our bills but it’s even more difficult now”, she added.

Whether you’ve lost a stable source of income or could just use some financial guidance on how to get through these hard times, we’re sharing these tips. Here are some of our suggestions:

Reach out to your building owner, lenders

If you’re unable to pay your monthly bills, take action to seek certain forms of relief. Pick up the phone and call, chat or email the concerned people to let them know you’re struggling financially. There’s a good chance that they will be accommodating because of the crisis.

Contact your embassy

Your embassy or consulate can help you get emergency financial assistance. Should you opt to be repatriated, your embassy will also be able to provide any information you might need.

Cut any non-essential expenses

If you have an emergency fund, try to use it sparingly. You can also free up more cash for your bills by trimming your spending. Review your account statements and cancel the non-essential services.

For those who are working at home, avoid spending your extra money on ‘stay-at-home’ indulgences like takeaway, online shopping and more.

Consider extra work if you can

It may be time to get creative when it comes to making money. Look for remote work on websites like Upwork. You can also identify a skill or hobby that can help you make extra money. Job searching sites like Majra and Expatriates may also be helpful.

If you’re experiencing food insecurity:

Look for relief programs. You can reach out to local charities like ‘A Box of Goodness’ and Migrant Workers Protection Society, among others.

Send this to someone who may need them. And for those fortunate enough to be in a position to give back during the crisis, there are many organizations looking for volunteers, financial and goods donations.

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