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Finding it Difficult to Repay Rent or Mortgage during COVID-19? Here are some Tips to Help

The Corona pandemic has caused a substantial economic crisis, whether at the global economic level or concerning the budgets of some of the greatest countries in the world. Industry, agriculture, import and export, and even public services have been paralyzed. Tons of people have lost their jobs and are struggling to manage everyday expenses.

If you’ve been affected by this pandemic too and haven’t been able to pay your mortgage or monthly rent, don’t worry. We’re here to share some tips that we think might help through this challenging time.

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Unsplash | Struggling to pay rent or mortgage? These tips are sure to help

Tips to tackle financial hardships during Coronavirus

Minimize luxuries

There is no need to purchase luxurious items like watches, sunglasses, toys, and video games at present. It would help if you convinced your family to support you in this. There’s no escape from temporary money-saving; therefore, it is better that this saving comes at the expense of luxury instead of basic life needs.

Read – How can I Avoid Unnecessary Luxuries?

Take advantage of offers and discounts

Several stores are currently reducing their products’ prices to facilitate and speed up the sale process and obtain cash liquidity. There’s nothing wrong with saving some cash by purchasing essential commodities via these offers, and this advice is frankly required even in normal situations, away from the pandemic.

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Unsplash | Try finding deals and discounts that can help you save money to pay rent

Ask for a temporary reduction in rent

Don’t let embarrassment prevent you from asking your homeowner to reduce the cost of your rent temporarily. You may offer to pay the deducted amount later.

This is better than taking bank loans, as the interests of bank loans are much higher, and they do not offer the flexibility you need. Your homeowner may be able to put your financial condition into consideration and help you out a little.

Reduce water and electricity consumption

This will help you greatly and unexpectedly. If you observe the energy consumption in your home, you will find that you are using more than you and your family need, which means higher bills and more burdens.

When you leave a room, remember to switch off the lights and fans. Similarly, please don’t leave the water tap opened when you aren’t using it, etc. These small changes will make a vast difference.

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Unsplash | Save on expenses to be in a better position to pay rent/mortgage

Read – How to Conserve Water & Electricity in Your House

To wrap it up

The Corona crisis is just a phase, and it will undoubtedly pass. All of us have to endure it together and adapt to its circumstances to get out of it with the least possible losses.

By “losses” here, we mean financial damages as well as the psychological consequences that result from them. The secret lies in living smartly, saving what we can, and spending wisely.

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