We are reaching a year since the beginning of the pandemic. During this period, many were without work and many others had reduced earnings, causing difficulties for families. in many countries, as was the case in Brazil, the federal government paid monthly amounts, helping many families with the minimum necessary. In your country, did that happen too? Given the current scenario, are you managing to control spending and keep your family? Thank you in advance for your contributions!
Many thanks, Osmar Antonio Bonzanini for your interesting question. Good to know that your country is supporting families. The government of my country did not support families during the heat of the pandemic. To date, it hasn't supported any family that I know. The citizens have been left to carter for themselves, and it has really been difficult for many.
On my spending, of course, one has to be wise and apply self-discipline to avoid debt.
Emeka W. Dumbili
Thanks for your contribution.
It is unfortunate that many people have been abandoned in this difficult time. In my country, the value was something like half a minimum wage per family. It also took into account activities that could not be carried out in the face of confinement, such as musicians, barbers, manicurists and others who did not provide services for a long time. Cheers!
In my country,the value was something more than half wage per family reduced,particulalry there is delay in paying salaries for governmental employees,new taxis r imposed on various items,,drastic increase in prices of consumed products.To date,there is no governmental support for any family during this pandemic or even before.
In my country, more than half of the wage value was cut and now govermental employees recieve their wages with a variable wage-cutting percent, this was also associated with an increase in taxes over the consumable products like food for example.
Plus there there is no govermental family inssurance, and they deliver the wages later than it was supposed to be distributed over the employees.
With the factors that i have discussed earlier this has lead to an increased rate of poverty and lead to the declining of ppl’s quality of life drastically.
Faraed Salman and Diana A. Ali
thanks for your contribution.
Congrats!
Unfortunately, this pandemic came by surprise, taking many families without any reservations to overcome the difficulties of more than a year.
Likewise, government policies are not always focused on the better welfare of people.
I wish that the vaccine reaches everyone soon and we can return to a life close to normal!
In my country, we have huge theft represented by politic parties. They steal and transfer to other countries.
Hamid Mohsin Jadah
this also occurs in my country, more than 20 years ... we have, unfortunately, a culture of corruption, with diversion of public resources. The current government has been fighting hard to end this, but it is also struggling with the parliamentarians of the federal chamber of deputies and some senators, accustomed, for decades, with such illegal practices!
There was no financial support from the government. Families were practiced the austerity policy to go about their daily affairs.
Personal finances are uncontrollable. One has to live, buy expensive drugs and supplements to help us against the Covid-19 pandemic, etc. Many have made stocks of household goods, food, drugs for lockdown. Everything became very uncontrollable. Banks do not have a soul and understanding. State aid is negligible ...
Dear Ljubomir Jacić
Thank you for your contribution!
Yes. This is the reality of most countries and banks in general.
Here in Brazil our current government is doing a real miracle. It extended debts of individuals and small companies, paid cash aid through Caixa Econômica Federal for a year and maintained the Bolsa Familia program (pays a monthly amount to those who have no income and keeps their children in school).
In my case, the mortgage payments were suspended for 6 months, the amount being diluted in the rest of the contract.
In the news now, the indicators already show our economy above the levels before the pandemic.
So, in a way, we are just waiting for the vaccination to start!
Happiness!
Lebanon did not offer a planned package for the poor families. Besides, we have major country debt problems, financial chaos, the last explosion in Port of Beirut, and other social unrest issues.
So, we have extreme conditions under the Pandemic. People do anything needed to get their daily needs, so from that dimension yes Lebanese families [poor and average] are carefully spending whatever minimum they have. The rich depends on their personality, may help or not.
Not to forget the Public theft by the politicians.
Yousif Yaqoob Yousif
Thank you for your contribution.
Regards.
Hussin Jose Hejase
Thank you!
Indeed, most countries are in financial difficulty. Also, the individual interests of politicians have been recurrent, including here in Brazil. It seems that most parliamentarians were born with the DNA of corruption and the diversion of resources.
Very true Osmar:
"It seems that most parliamentarians were born with the DNA of corruption and the diversion of resources." Developing countries now are affecting developed countries with this illness!!!
Hussin Jose Hejase
Yes. This is also happening. The whole world has lost its sense of reason. There is no more solidarity, it is all a big trade!
You are right Dr. Rushdi, the idea is not to generalize to include all. Though many are.
Dear all,
I thank you all for your great contributions. Let us proceed carefully and waiting for the vaccine to reach each one and their family!
Cheers.
Financial life during the COVID-19 pandemic
Respondents in most countries expect the economy to improve in three months, with more mixed personal financial outlooks...
In May, decision makers in many countries had grown more optimistic. Respondents in just four countries—France, Germany, Russia and the UK—continued to think that both the economy and their own financial situations would get worse.
Expectations continued to improve through June, when only financial decision makers in France expected deterioration in both the economy and personal financial situations over the next three months. Decision makers in all examined countries outside of Western Europe and Chile expected that both the economy and their own personal financial situations would improve...
https://www.mckinsey.com/industries/financial-services/our-insights/a-global-view-of-financial-life-during-covid-19
Ljubomir Jacić
thanks for your contribution.
Let us have faith in better days!
Dear all,
Fortunately, the vaccination will start here in my country within 10 days. We look forward to the results saving many lives. Unfortunately, in many provinces people go on the beaches, with many crowds or, then, in folkloric celebrations, without the use of a mask. The results of this are crowded hospitals, lacking beds and even oxygen tubes for mechanical ventilation. Our president determined and the Brazilian Air Force transported, during the night, many oxygen tubes to the North Region of the country, mainly Manaus.
Keep safe!...
Yes people in India also were in very pain due to many reasons including job loss. Some people were pushed to return to their native places in the time of lock-down who walked thousands of kilometers on foot. Daily routine of people was blocked due to fear of Corona.
Government helps their students to overcome financial problems.
As expected, President-elect Joe Biden will, upon taking office Jan. 20, instruct the Education Department to continue the pause excusing student loan borrowers from making payments, a top economic adviser in the incoming administration said...
President Trump in August excused borrowers from making payments through the end of the year, as unemployment surged from business closures during the pandemic. With borrowers facing the prospect of having to make payments again, then-Education Secretary Betsy DeVos on Dec. 6 extended the moratorium until Feb. 1...
https://www.insidehighered.com/quicktakes/2021/01/11/biden-extend-pause-student-loan-payments
Dear Ljubomir Jacić
thank you for your contribition.
The new president of the United States of America will certainly implement many changes. I hope the whole world gets better from that. Regarding the management of personal finances, in Brazil there is still no culture in place for children, since their initial education, to learn to control spending, to know the value of money and to plan. In my case, having made a career in accounting, since technical education, this has always been very clear. I passed it on to my daughters and I can already see the results. Cheers!
Until now all education institutes is closed. Many urban peoples lost their job, particularly private job. Many peoples left the city to native village due to pandemic. There is no noticeable helping program besides corona treatment & testing from government sites.
And the vaccine is arriving in my city. We are all very happy. We will be vaccinated on the 3rd. stage, after health professionals and people over 60 years. This will increase freedom of movement and the economy should return to pre-pandemic levels. Let us remain optimistic and careful, including the use of the mask!
Sahar H Abdel-Baset and Md. Abdur Razzak Choudhury
Thanks for your contribution.
Cheers.
Dear all,
with the vaccine reaching many places, I think we will soon be able to put our planning into practice!
Congratulations to all and thank you again for your valuable contributions to the questioning!
Take care!
Yes Jobless have been helped on monthly basis by Govt in my country Pakistan
In a way, this was already expected:
Household debt breaks record in pandemic The 50.3% index is the highest in the historical series, which started in 2005; all debts with banks enter the account
The negative impacts caused by unemployment, reduced economic activity result in more debts in the context of families in Brazil. See more at:
https://www.terra.com.br/economia/endividamento-das-familias-bate-recorde-na-pandemia,e3fdb13e1c6b76b010744c376dfab9621ekllkli.html
It is worth putting the increase in cash demand in context. Social distancing policies have led to a significant increase in household savings. The increase in cash demand, while sizable, is greatly exceeded by the increase in households’ bank deposits (Chart A). Unlike the financial crisis of 2008–10, when there was a shift from bank deposits to cash, cash holdings have decreased relative to bank deposits in recent months...
https://www.bankofengland.co.uk/quarterly-bulletin/2020/2020-q4/cash-in-the-time-of-covid
In Kenya some families were given monthly stipend of around Ksh 4000 per month, say $40 per month.
Dear all,
Vaccine against Covid19 reaching many places. Keep yourself safe, there is little care. Soon we will be able to resume our "almost normal" life!
Good morning to all!
https://www.moneycontrol.com/news/india/new-normal-how-coronavirus-pandemic-will-change-lives-5147571.html
Here in Brazil,
Emergency aid: Government prepares three installments of R $ 200 in 2021 and new name for benefit during Covid19.
To receive the Productive Inclusion Bonus, it is necessary to take a professional qualification course and not be benefited by Bolsa Família.
The good thing about all this is that people need to take a qualification course, which will help them get back to the job market!
https://diariodonordeste.verdesmares.com.br/negocios/auxilio-emergencial-governo-prepara-tres-parcelas-de-r-200-em-2021-e-novo-nome-para-beneficio-1.3044339
Unfortunately, the number of families with debts increases during this period of the pandemic!
https://www.osaogoncalo.com.br/geral/103614/especialista-alerta-sobre-o-aumento-do-endividamento-das-familias-brasileiras
We must overcome poverty and hunger, joblessness and inequality. We must overcome a legacy of exclusion and dispossession that continues to impoverish our people, and which this pandemic has severely worsened...
https://www.timeslive.co.za/politics/2021-02-11-in-full-this-is-no-ordinary-state-of-the-nation-address-cyril-ramaphosa-delivers-5th-sona/
Dear Ljubomir Jacić
Yes. This is happening all over the world.
In my country, our government has heroically passed on monthly financial aid to the most needy and unemployed. It has been almost a year of monthly assistance, which shortens people's suffering somewhat!
Coronavirus: 10 tips for taking care of finances
https://www.serasa.com.br/ensina/suas-economias/coronavirus-10-dicas/
In my perception, from the virtual contacts I maintain, it is the unemployment of higher education teachers. We are experiencing, here in Brazil, a growing closure of higher education institutions and the consequent dismissal of professors, many with more than 20 years of experience, having invested in qualification as master and doctorate. Those who saved part of their monthly wages are safer ... others, close to retirement through social security too. The others will have to seek other placements, in areas that do not pay as much. Unfortunately, it is the result of the pandemic!
A detail that I realize, here in my country, is that there is no teaching to the young students of the 1st. cycle on personal finance. Therefore, depending on the higher education course you choose, most Brazilian students will only know how to handle money in college.
Recently, our government created a law to include basic contents of finance and financial mathematics in high school (last cycle before the upper course). However, until this reaches thousands of young people, if the family is not in the habit of controlling finances, we will still have many family groups with debts and, at the present time, depending on government assistance!
Take care!
Don’t let an unstable income dissuade you from making a plan. If your paychecks are sporadic or have stopped altogether, budgeting for every dollar in a time of uncertainty can be an essential way to stay on track with your expenses...
https://www.forbes.com/advisor/credit-cards/steps-to-take-to-save-more-and-reduce-debt/
Staying at home during the pandemic has changed the way homeowners renovate, but not always in ways you might expect.
You could assume, for example, that homeowners are desperate for privacy and therefore adding more walls...
Many homeowners paid for their upgrades with savings last year, according to NerdWallet’s 2020 Home Improvement Report. Indeed, if the economic impact of the pandemic hasn’t hit your own finances, cash is the cheapest way to cover home renovations.
But there are also affordable financing options, including cash-out refinancing and personal loans, for those who don’t have or want to use savings.
Here are projects interior designers expect to see more of as the pandemic stretches into 2021, plus financing options to make them a reality...
https://www.thestreet.com/personal-finance/latest-popular-home-renovations-how-to-finance-them-nw
Hello everyone!
We're all locked up at home. General closure in my state with strict measures to trade and services such as barbers, beauty salons, mechanic workshops, restaurants and snack bars. In retail stores, with only a mask, few people and up to 25% of employees at a time. In my city, the hospital is fully booked and there are no beds available in the intensive care unit. Chaos is in place and more unemployment lies ahead. The federal government will pay another 3 installments of aid to the needy. Take care!
Good news for the most needy in my country:
First installment of Emergency Aid released this month
https://www.jornalcontabil.com.br/primeira-parcela-do-auxilio-emergencial-liberada-este-mes/
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