After the spread of the Corona Pandemic, the economic downfall was the immediate impact on the whole world. The mega organizations began to staff-downsizing. Many owners have shut-off their companies. Several others are in an extreme struggle to survive.
Similarly, at the individual level, many employees have lost their jobs. A large number of small businessmen have also suffered destruction regarding their business set-up. Many others are living with depression while being pessimistic about the future of their business.
6 Strategies to Cope with The Economic Impacts of COVID 19
Under such a situation, certain wise maneuvers can help a large number of people to survive. I live in the capital and feel the sufferings of these economic impacts. Therefore, I have proposed some solutions to cope with the mentioned grave situation. There are 6 great solutions to control the economic impact of Covid-19 which are as under:
- Saving the income
To cope with the economic recession, saving income is the best solution. I try to save what I earn as much as I can. The expensive tours have been reduced. I have stopped the lavish shopping and changed the luxurious habits similarly in all forms.
- Accepting Job Offer
Accepting a low standard job offer is another way to erase the economic effects. I have accepted such a job as an assistant in a school besides my employment in a well-known media house. Therefore, accepting the offer of a titular job is the best option to survive in this recession.
- Turning to Online Income
Earning money from online websites and platforms will be a wise strategy to cope with the impacts. There is a variety of platforms that offer work in return for a handsome earning. I have also joined a platform to teach online. This is my third engagement to meet the challenges of the mentioned-above economic recession. Similarly, everybody must search for such a platform of his relevance and join it through the internet.
- Establishing Multidimensional Paths of Income
No one should stick to a single earning exclusively. The different ways of earning will be a prudent strategy to control the impacts of the economic recession. In this way, I have started a YouTube channel to upload videos of my interests. So, alternative paths of Income will be another way to cope with the impacts.
- Protecting Health
Human health is the base of all activities of routine life. With better health, one can make miracles. An unhealthy man is not a healthy part of this phase of the economic recession. Thus, every person must be cautious and ensure to protect his health for employing strategies against the economic impacts of such a dreadful pandemic.
- Make calculated money moves
Making calculations to reduce the sizable expenses of your necessities is another strategy to survive the economic recession. For instance, I shifted my house to the lower-paid locality in the capital. Earlier, I was paying 25000 house rent per month. But now, the rent is 13000 rupees per month. Likewise, the other money moves must be reasonable.