The COVID-19 pandemic has been life-changing for many people. It has paved the way for the realization that it is important to take care of one’s health, which starts with a strong immune system. This can help build your defenses against COVID-related illnesses. Good hygiene, like frequent handwashing, is also an effective way to protect yourself from the deadly virus.
Beyond the health aspects, the pandemic may have also been an eye-opener for you to start a saving habit as early as possible. When you have a savings or emergency fund, you can better deal with a major financial crisis, just like the COVID-19 pandemic.
Experts recommend putting in at least six months’ worth of income into your rainy-day fund so that you’ll have something to use for your living expenses in the event that you lose your source of income or fall ill. By saving for emergencies, you won’t have to take out a loan as you look for another job or explore a business opportunity to get you back on your feet.
However, what if you haven’t built enough funds in this time of the pandemic? One option you have is to take out a loan from banks or credit card companies. However, this is subject to approval depending on your employment status, availability of documents, and other considerations.
Alternatively, you can try other platforms like online pawnshops. You can simply go to their website using your device, like a phone or computer, and look at the list of items you can pawn. Arguably, this is one of the best options that can help augment your finances during the COVID-19 pandemic because it lets you trade your valuables for instant cash that you can use for your urgent financial needs.
Find out more about online pawnshops in this infographic.