Financial steps you can take in quarantine

As quarantine drags on into 2021, and there is no certainty when restrictions will start to lift as the COVID vaccines roll out, there are still many actions you can take just to less your bills and spending a little. With how volatile the market and economy is currently, as countries scramble to create and distribute the vaccine. You can create just a little bit of order in your everyday lives by seeing if any of these tips will help your financial situation.

1: Check up on your insurances

If you are one of nearly two million citizens in Ireland that are about to enter your renewal period for your private health insurance, this tip is just for you. Of that two million people, around 75% just allow their policies to be renewed without looking over the fine print or asking their provider any questions. And if you have been doing exactly that for over the last three years, you can almost certainly save some money by looking at alternative options currently. It will require a bit of research and some communications with your provider, but ultimately changing providers or plans can save you hundreds of euros yearly if done correctly. And since most people have an abundance of time currently during quarantine, this would be something productive to do.

2: Contact your providers

In quarantine, certain providers certainly have made it difficult to get in touch with them in order to ask and discuss details with your service. And if you have issues with billing or services, then most certainly be sure to call and ask. They may currently be short of staff or even reluctant to talk, but make sure you’re able to get your money’s worth with the services that you are provided.

3: Check your credit cards

Credit cards are so easy to use, but especially during times like this when your income may not be consistent, credit card debt can be a menace. With the insanely high-interest rates being charged, being efficient and organized can save you so much time and money. Audit your credit card spending and ensure your spending are not costing you insane interest.

Of all these tips, it would be easiest to sit back and do nothing, but especially in times where the majority of the population is struggling financially or financially concerned, these actions you can take to manage your own accounts can be hugely beneficial.


Lucas Zhang was a Finance major at Ohio State University. He writes about finance, mortgages, and technology for Irish Mortgage Brokers.

Relevant Links: Knowing where to save, Reviewing your policies

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