After this contingency, many people are likely to become more interested in their finances and economic stability. As many were not prepared for this scenario, experts recommend learning from what happened and taking other measures to face situations of this type without suffering so many losses.
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| Financial Impact of the Coronavirus (COVID-19) |
So some tips that can help are:
1. Do not depend solely on work wages
Working in a company now may not be enough as the only source of income. It is best to have another small business or start to see other ways to generate money such as being a consultant, offering services to small businesses, selling some items online, etc. It is also an opportunity to update or gain new knowledge.The segment with the highest profits in this quarantine has been E-commerce. According to the consulting firm KantarWorld Panel, Mexico is the country with the highest growth in electronic commerce in all of Latin America, as its penetration increased by 500%.
It would not be wrong to start doing Internet business selling products and services.
2. Have a savings fund
It is best to save capital every month that is at least 10% of the salary received. If possible, in the long term, there should be savings that cover six months of salary, in case of being unemployed or for some other emergency such as accidents or surgeries.
The ideal is not to keep it in the piggy bank and deposit it in a Savings Bank registered with the National Banking and Securities Commission (CNBV). The reason is that these financial entities have deposit insurance that will protect the money up to a certain amount, in case the institution has financial problems.
Similarly, banks have low-risk savings and investment options. If you want to start investing, it is advisable to start with CETES schemes, which although they do not have great returns, have less risk of losing money.
Or you can approach an agent to help you choose the best scheme to invest money.
Take out insurance
There is insurance for almost everything: small businesses, cyber, cars, life, and even those that cover what a bag contains. Recently the Mexican Association of Insurance Institutions (AMIS) reported that the compensation for Covid-19 to date has been more than 270 million pesos. And accordingly, it should be noted that coronavirus treatment can cost around 389 thousand pesos in private hospitals.So this type of insurance, and others, can be of great help for these various situations or fortuitous events:
- Major Medical Expenses Insurance: in the event of an accident or illness that requires treatment or surgery, this policy will help with most expenses.
- Hospital Expense Insurance: reimburses or gives an amount for each day of the insured's hospitalization.
- Life Insurance: provides a sum insured established to the beneficiaries of the insured in the circumstance that the latter dies. You can also compensate if the holder suffers from any temporary or permanent disability, or give an amount if he is diagnosed with a serious illness.
- Life and Savings Insurance: it can be contracted additionally and allows saving capital for established periods and generating returns.
- Unemployment insurance: in the circumstance that the person becomes unemployed, the policy will offer compensation for a period that can reach more than six months or if the insured gets a job again.
- Educational Insurance: it allows saving an amount so that the children can study a professional career without any problem.
- Auto Insurance: it is mandatory to circulate on country roads and in half of the states. Covers Material Damage, Total Theft, Civil Liability, Medical Expenses, and more coverage depending on the contracted package.
It is important to mention that these insurances have exclusions, conditions, deductibles, and coinsurance. What experts suggest is to check the options or compare them in several companies.
Insurance may be seen as an expense, but in the long run, it has many more benefits and one of the main ones is the peace of mind it provides. But if the budget is still very tight, you can opt for standardized basic insurance, which has much more affordable coverage and covers the main needs of the person concerned.
Know the ability to pay
Many institutions provided extensions or payment facilities for people who applied for an auto or mortgage loan. This is great support for many families, but it can also help to identify the debt capacity before taking out a loan since it does not have to reduce essential expenses and knowing it would even help save a little.This can be known with a simple operation in which income and expenses are subtracted, what is left over is the ability to request a credit. But other operations can help you know it more accurately, or you can use applications or budget calculators such as the one that has the National Commission for the Defense of Users of Financial Services (Condusef).
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