On top of worrying about your health, you might be concerned with your finances. Like so many others, you might be faced with a significant drop in income so we gathered seven tips on how to best deal with this.
1. Make an overview of your income and expenses
If your financial situation changes, it’s important you keep an overview and get insights into your spending. So make a list of all your expenses and critically investigate which costs you can cut out immediately. A simple Google Sheet will do, don’t wait.
2. See what you can save
- Daily groceries – Pay attention to the offers in the supermarket or switch to cheaper brands when you shop online. If you really don’t have the money to buy food, reach out to the Dutch Food Bank (available in English).
- Map all your subscriptions – Often you don’t notice your monthly subscriptions which are debited monthly add up to quite a lot. Charities, lotteries, sports clubs, etc. See which you can (temporarily) cancel.
- Postpone major expenses – Be cautious with alternative payment methods such as renting, borrowing, buying on credit. Also, delay buying clothes as much as possible.
3. Don’t be tempted
Your mailbox is probably full of extra offers and high discounts and free shipping costs. Though tempting, avoid making unnecessary purchases for now. Keep a cool head and resist these temptations.
4. Request help from emergency relief
A package of emergency measures has been drawn up to help people who are in acute financial difficulties as a result of the corona crisis. Does your employer have less work for you? Then they can appeal to the government to still pay your salary 100%. There is also an emergency package for independent entrepreneurs. Here you will find all financial arrangements for households as a result of the corona crisis. Here you will find the municipal regulations for people with a low income.
5. Try to look ahead a few months
If you have an overview of your income and expenses, you also know which bills you have to pay in the coming months and which emergency measures you should take. Make sure you keep a grip on your money matters. Make a budget for the coming months.
Tip: With a lower income, you may be entitled to allowances that you were not eligible for before.
6. If necessary, request deferral of payment
You’re not the only one running into financial trouble. Many banks, energy companies, and health insurers have announced that they will handle payment delays with care.
7. Get help right away
You can make a repayment plan in six steps via the NIBUD site Zelfjeschuldenreken.nl (dutch only). There you make a realistic distribution and payment plan per creditor and you will find all kinds of example letters.