13 October 2021
By Roger Jones
roger@TheCork.ie
Financial struggles caused by the impacts of Covid-19 are far from limited to residents of Cork. The global pandemic has caused a widespread recession with millions losing jobs. Or finding that they’ve had to make significant changes. For most, then, it has been a time of survival. With normality now returning, it’s time to start thriving once more. Regaining financial control will unquestionably be one of the key factors.
Accountants have advised Cork farmers, who have managed to operate with less disruption than most, to get their taxes in order. Meanwhile, all small business owners throughout Munster should use this as an opportunity to seek financial help. They may be due grants, tax reductions, subsidised services, and other forms of relief. Every little helps, especially for small firms and sole traders.
However, it’s not only business owners who need to get their financial health back in order. Most families have seen their financial situation become worse over the past two years. Energy bills have increased while the rate of general inflation has been faster than salary increases.
Whether you’ve lost a job, seen your hours reduced, or not had the support to cope with increased living costs doesn’t matter. You will naturally be eager to supplement your income with new streams. This is the perfect time to ask questions like ‘how do I buy Bitcoin?’. An investment portfolio that includes cryptocurrency, as well as other stocks, can put you in a far stronger position for the future. After all, financial stability isn’t just about today.
With this in mind, you may also want to consider investing heavily in rebuilding your credit score. A number of Cork residents will find that they need to take out credit over the coming months. A better credit score means a better interest rate for lower overall repayments.
Many individuals will also look at the prospect of online freelancing to earn extra money. Several industries have been severely affected by the pandemic. But workers in those fields can seek remote-based opportunities to bump up their earnings in style. This can work wonders for short-term cash flow issues.
As the value of credit scores show, though, financial health relies on spending money more wisely too. Even if you think that you are quite smart with money, you are probably guilty of wasting money. Cork residents are advised to research the best financial management apps to become more organised. Moreover, they should analyse all spending to see where savings can be made without reducing life enjoyment.
One popular choice is losing unnecessary channels from TV packages. Finding suitable airtime plans for mobile phone contracts is another. Many people find that their food shops can be reduced in quantity and cost too.
Ultimately, if Cork residents make a conscious effort to earn more and save more, they can improve their finances. While it may take some time to get back to the same level of comfort as the pre-pandemic era, moving in the right direction will feel like a major success.
