With less than a week to the General Election, it is crucial to be financially prepared. As we wait for the election D-day and look forward to performing our civic duty, it is also vital to ensure our finances are in order.

We are all looking forward to peaceful elections, but it is important to ensure you prepare financially by setting aside some money to cater to your needs in case of any eventuality such as an economic crisis, blocked roads, closed banks and supermarkets.

Generally, governments have taxes and policies that touch every citizen’s life in one way or another. The change in governments can lead to changes in taxes and policies. Therefore, staying prepared is essential. The outcome of an election may have little impact on policies. However, it can still impact your finances, especially if the country faces a severe economic crisis. Here are some ways you can financially prepare yourself for the elections:

Focus your budget on your needs

Having a stricter budget can ensure that you stretch your funds longer during this period. This can include reducing your wants and focusing on your needs to save up. Reducing wants can ensure that you have more money to save, which can last long after the election period.

Shop before election day

Have enough household goods to last you through the election period. Most supermarkets and stores will remain closed for a few days to allow their employees to exercise their civic duty. Therefore, shop now to ensure you have everything you need. It is also advisable to shop in bulk in case of unrest or price fluctuations to ensure that you remain within your budget. Bulk shopping with family or friends can reduce your costs.

Budget for uncertainties

During the election period, there might be changes in the prices of different commodities. Ensure that you allocate extra money to cater for a price hike so that you have enough to meet your needs without strain.

Get ahead of your priorities

Whether it’s paying rent, your mortgage or a loan, get ahead of bills so that you do not have any payments looming. This will allow you to use the rest of your money to create a budget that will fit your needs.

Calculate your net worth

Some government policies and laws, such as taxes on assets like inheritances, can affect your finances,. Calculating your net worth will ensure you know how a change of policies can affect you financially. Review your assets and liabilities to help you prepare for any policy changes that may come with the new government.

Be liquid

Due to easy access to financial services, many of us now use mobile money, or mobile banking apps, to pay for goods and services. During the election period, keep cash at hand for basic needs or any eventualities that may come around.

In conclusion, with proper financial planning, you’re better placed to face challenges during the election period. A proper plan will ensure a smooth financial transition even as a new government comes in.