Hard times may be catastrophic but most of them never last long. Take COVID-19 as an example.

Surviving COVID-19s hard economic times is a priority not just for individuals, but for businesses and even governments.

Covid-19 has destabilized all economies around the world. Many countries are now revising their projected GDP growth. Many will even have a negative growth rate. These included both developing and developed countries.

Businesses have been highly affected. With people having less money in their pockets, the demand for commodities has drastically decreased. This means that businesses are making fewer sales and therefore, less revenue.

Even though governments and businesses have been affected, individuals are the greatest victims of this pandemic. Hundreds of millions have lost their jobs in the last 6 months. Many cannot even feed their families. Governments have to subsidize the livelihoods of their citizens.

As lockdowns are enforced in the majority of the states, many people cannot do their daily economic activities. This has mostly affected the informal sector. In most developing countries, the informal sector employs more than 90% of the total workforce.

Despite the hard economic times, there are proven ways to survive. This situation can last for about a year before vaccines are tested, approved, and distributed.

This calls for short term survival measures. However, the short term survival measures should not replace your long term strategy. This is because the pandemic will not last forever.

Here are 5 proven ways of surviving hard economic times:

1. Get a side gig        

In hard time, it is important to get a side hustle. This side hustle should help you settle your bills and survive. You have to do whatever it takes to survive and grow.

Agility is a crucial factor of success. Any person who wants success should be flexible to adjust as situations change. You cannot be rigid because you will end up bankrupt.

Tough times call for tough measures and decisions. You may have to do what you have never done. You cannot afford to have an ego during tough times.

Decide to survive these tough times at all costs. Make your hands dirty if you have to. This is for the sake of your family and your dreams. Do not discriminate any activity that brings you cash, no matter how dirty it is.

The easiest side gig you can start is to sell fast-moving consumer products. These are products that people use daily. They can easily pay your bills as you work on your long term goal.

You can also start online tuition for learners. During this time, schools in many countries are closed indefinitely. You can make around $50 every week by teaching a few students.

The best side-gig is determined by your skillset. If you can write, you can make money writing articles for different sites. If you can coach people, you can organize webinars. Your area of expertise and gifting can serve you right during this time. You just have to think of a way of monetizing it.

2. Reduce your expenses

This is the time to live like a miser. You have to live way below your means. This is where austerity measures for your home prove to be useful.

At this time, only spend money on necessities. Avoid purchasing wants. Luxuries should not be on your shopping list.

You may have to use public transport to avoid the cost associated with private transportation means. You can move to a cheaper house. Avoid eating in expensive hotels.

The golden rule here is: only buy what you needt.

  and not what you wan

3. Negotiate with your creditors

This is the time to negotiate with the people you owe. This is one of the most common ways of surviving COVID-19s hard economic times.

If you are renting, you can negotiate with your landlord to either have a rent cut or have a grace period. Many landlords will not object to this. This is what many governments are urging landlords to do.

If you were servicing a loan, you can renegotiate with your bank to have reduced interest rates or a grace period. Many banks are giving their debtors 3-6 months grace period.

As a small business, you need to negotiate with your suppliers for lower prices or an extended credit period. This will ease your pressure from current liabilities.

As many governments encourage this, you cannot afford not to take advantage. Renegotiate your payables and you will have something left to survive and grow.

4. Get a loan

This is not very advisable. It should be the last option on your list. However, if your cash position was strong before the pandemic, you can opt to get a loan. When the old normal resumes, you can pay off the loan.

At this time, many financial institutions are not willing to give people loans. This is because the default rate is very high. However, if you have had a good relationship with your bank, they will not mind bailing you out.

Once you get the loan, make sure you invest it in growth. It should not be for consumption purposes. If by any means you consume it, it will greatly jeopardize your financial future.

Conclusion

In whatever you do, have the will to survive hard economic times.. Where there is a will, there is a way.

The period may be trying and hard for a good number of people, but as many as have the will to overcome, they certainly will.