Personal Finance

How to survive coronavirus financially

survive coronavirus financially

What are the best ways to survive coronavirus financially? Our guide outlines the best strategies to help you cope with the reduced economic situation.

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The consequences of the coronavirus have a profound effect on the economy and thus on the finances of the Swiss. In the current situation, debts are hardly avoidable. 

Factors to survive coronavirus financially

With Covid-19 the financial worries increase

With the outbreak of Covid-19, many industries earn significantly less. The number of unemployed is increasing and the self-employed and small businesses are losing some of their livelihoods . However, the current situation also supports people who were living at the subsistence level before Covid-19 , in an acute emergency. 

Debt during Covid-19

The corona crisis is becoming a financial test for the Swiss. Income falls or stays off, but expenses remain the same. Many private individuals have difficulties paying their bills due to financial bottlenecks. Furthermore, due to the current situation, most people have bigger problems paying back their loans . The short-term increase in debt is hardly unavoidable in the current Corona crisis. 

Basic rules of debt counseling 

The following basic rules of debt counseling will help you deal with money and contribute to your financial security .

  1. Create a Budget:
    A budget helps you to meet unforeseen events. If you already have lost earnings, adjust your budget to your current financial situation. Keep an overview of your expenses and control them.  
  2. Prioritize your bills :
    In a financial emergency, it is extremely important that you prioritize your bills. Important bills like renting your apartment, energy bills or spending on groceries should take precedence. Contact your creditors for bills that you cannot pay. This means that you may be able to agree to defer payment or find a suitable solution together. 
  3. Make claims :
    A financial package has been agreed to support the economic consequences of the spread of the coronavirus . This means that you may be able to assert further claims in addition to the basic income. 
  4. Submit your tax return:
    Taxpayers who cannot pay their tax burden due to the current financial emergency can pay this in installments or ask for a deferment of payment from the IRS
  5. Get Help:
    Had Debt Or Already in Debt? Then it is best to turn to debt counseling. They can advise and support you optimally in your situation. At the same time you pursue the goal of getting you financially back on your feet, avoiding debts and paying them off. The experts also advise private individuals against taking out consumer loans in financial emergencies .