5 Financial Tips for the Millennial Woman Amid COVID-19
The world as we know it has changed, no thanks to covid-19. We’re living in difficult financial times and different economies in the world are in for a number of uncertainties. Millennials, especially millennial women, should be prepared.
The novel virus has affected women who have had to perform multiple roles at home and many are losing their jobs. Women have limited earnings when compared to men and according to Melinda Gates, in a developed country like the United States, that gap can only close after 208 years.
So what can millennial women do? Here are a few financial tips
- Be Prepared
Being prepared means that you have a full understanding of how the situation affects you. Someone once told me that failing to plan means planning to fail. If you’re not aware of the aftermath of covid-19 then you should try to research and know how it affects your career.
Youths are finding it hard because unemployment rates are spiking astronomically across the world and affecting more young people than any other generation. For the millennial woman, she’s also within the childbearing and nurturing age.
Experts believe the pandemic will lead to a global recession, and if you pay even the vaguest attention to the news, you know that is a reality already. With a reduction in job openings, there’ll be a rise in automation — robots replacing humans.
Even though headlines have a lot to say about failing economies and stock market plunges, there will be more; that doesn’t mean you should fold your arms and do nothing. Search for problems you can solve in your chosen field. The opportunity for the problem to be solved will present itself and you’ll be ready when the time comes.
If doctors found a growth that could get cancerous in your body, would you tell them to…
2. Get Ready For a Virtual Job Search
Since we need to be safe, practicing social distancing is the way to go. This means more people get to work virtually, excluding essential workers. It should be fairly easy if you’re a millennial, but in the case that you’re somehow not familiar with the technology, get acquainted now.
You also need to know how to search and prepare yourself for online interviews. Get resources that can aid your preparation. Sites such as LinkedIn should aid your search for opportunities. Get tips on writing a proper resume, learn how to use applications that facilitate remote work like Zoom, Google Meet, Slack, etc.
3. Cancel Subscriptions You Don’t Need
Millennials probably represent the largest chunk of entertainment subscribers. The list is endless — Netflix, YouTube Premium, Amazon Prime, yada yada yada… To make and save money, break free from unnecessary subscriptions. Ask yourself: “If I don’t watch this show, will I die?”
Make a habit of going through your account statement and see just how much money you’re losing to subscriptions where you eventually only watch a few times for the month. Many millennial women know they don’t have the time for these subscriptions but they still do it all the same. I know. I’ve been there, and I don’t even have a family to take care of.
It may be difficult to cut off all the subscriptions at once, but think of this: If doctors found a growth that could get cancerous in your body, would you tell them to split the surgery into 3 or 4 bits so it doesn’t hurt as much? So, if you want to save money, rip off the Band-Aid, sis.
4. Say Goodbye to Takeout and Keep Your Shopping List Simple
The top monthly expenses are food, transportation, and rent. These are the three top expenses amid covid-19 because restaurants, bars, salons aren’t open. For health and beauty, millennial women are trying out DIY natural tricks that work.
Transport costs should reduce since you’re either working from home or not working until Covid blows over completely, although many countries have been lifting restrictions on commercial activities. For food, try to get food supplies and cook at home. You’ll cut out delivery fees; you’ll also find out it costs less and you get to save more.
To shop for groceries, stick with a minimal budget. Double-check the items in your cart. Create a list based on the things you need for the week. Stick with simple recipes because complex sauces and soups can gulp a lot of money. Avoid impulse buying.
5. Make Money Virtually
The job you desperately want may not be available immediately. The truth is this wouldn’t prevent expenses or other bills from piling up. You still have to make money to sort those out.
With the help of social media and freelancing sites like Fiverr and Upwork, you can learn skills and offer your services; graphic designing, editing, virtual assistance, and so many more.
Do you know other financial tips that can help millennial women get through covid-19 and other challenging times?