Many governments have started thinking about ending the CCP coronavirus lockdowns. Within the next few weeks, we should start seeing relaxation in lockdown rules. However, this does not mean that things will go back to normal. The medical and economic consequences of the viral outbreak will still persist for some time and you should be ready to cope with such limitations.
Restricted Interaction during lockdown
Earlier, people in your community may have freely interacted with each other. Just because the lockdown ends does not mean that this will once again be the norm. People are likely to keep their distances due to their lingering fear of the virus. Keep this in mind when interacting with others or you might end up in awkward situations.
For instance, it is better to follow the 6 feet (2 meters) rule when talking to strangers when you are at the park or somewhere. Don’t get too close as it might freak out some people and alarm them. Until the fear of the CCP coronavirus completely dies down, restricted interaction will likely be the norm for most people.
Online gigs
Employment might continue to remain on the lower side for some time. If you are someone who makes a living through gigs, like a singer or something, the situation might be even tougher since places that attract crowds will likely be avoided. Look for alternative opportunities online, like a teaching job or something till the economy fully recovers. If you are confident about your talents, you can livestream your performance and earn some donations.
But keep in mind that the money earned will likely be less than what you were earning previously. “I haven’t earned huge amounts — it may be more financially viable for bigger artists – but fans have paid from £10, £20 a gig… Fans, blogs, and radio stations appreciate how tough this is for touring artists, particularly with summer festivals also being postponed this year,” Lisa Redford, a singer from Norwich, England, who monetized her livestream performance, said to EuroNews.
Adapting skill sets with technology might offer additional revenues for some during lockdown. (Image: via Lisa Redford)
More work
For the many who will retain their employment, you may be required to work even more. Factories that have been shut down for several weeks are already lagging in their production and delivery targets. Once the government relaxes lockdowns and workers start pouring in, they will likely want employees to work overtime in order to meet backlogs. Sure, there will be overtime payments and bonuses. But if you are someone who detests working too much, it might be better to prepare yourself to meet the increased demands of your employer.
Inflation/stagflation
Some economists have predicted that the post-coronavirus world might have to deal with rising inflation for a few months. If the economy does not recover for a long time, there is also the risk of stagflation, where inflation keeps rising while growth stagnates. Living in such conditions can be very stressful financially. So make the necessary backup plans to financially protect yourself from these situations so that you can at least enjoy the same standard of living as you had prior to the viral pandemic.
Pent-up taxes and debts
Your expenses can increase as tax payments become due. (Image: via Pixabay)
Various governments had announced tax deferment and loan moratoriums for a few months to ease the financial pressure on their citizens. These benefits will end in the coming few months. If you have taken advantage of these measures, your monthly expenses will increase in the near future in order to make these payments. Adjust your budget accordingly and prepare to live a financially restricted life for some time.
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