Tips for surviving the pandemic in the hospitality industry
I’ve heard it said so many times recently, but these really are unprecedented times. We’ve never experienced anything like what we’re experiencing right now, and I really hope that once we get through this, we never experience anything like it again. Life has changed unrecognisably for many of us, an lots of people are out of work for the foreseeable future. One of the worst hit industries is the hospitality sector, so these tips are aimed at people working in hotels, restaurants and the leisure industry, but they will be useful for anyone who’s taken a hit financially due to Covid-19.
Many people across the world have been laid off work temporarily due to the global pandemic we’re experiencing right now. Lots of people are really fortunate and have their salaries covered still either by their employer or the local government. But, for those working in the hospitality industry, a lot of their income comes in the form of tips. It actually surprised me to find out just how much the hospitality industry relies on tips, you can find a really useful tip calculator here. Obviously, tips aren’t going to be forthcoming any time soon, but there are things you can do to make up some of that money whilst you’re stuck at home.
1. Take up a side hustle
I’m always shouting about side hustles, but they are a great way to bring more money in, and there’s no better time to start one than right now. There are all kinds of side hustles you can do, from high paying surveys to Matched Betting (depending on where you live).
Check out this post with 101 side hustle ideas, there’s bound to be something here to suit you, and as well as bringing in more money, you’ll also find something to fill your time whilst you’re off work too.
2. Cut back
It might sound obvious, but you need to actively cut back on your expenses. As well as being careful with the money you spend on food and other essentials, spend some time going through your monthly direct debits and work out what you can cut out. You might need to be ruthless – cut back on any extras that you don’t need such as TV subscriptions, gaming subscriptions etc.
3. Know your budget
You need to know exactly how much you’ve got coming in and how much you’ve got going out if you stand any chance of getting through this. Going through your bank accounts can be scary, but it’s the only way to take control of your finances. Sit down and write down all of your expenses and all the money you expect to have coming in. You could create a simple spreadsheet to keep track.
4. Keep in touch with your employer
Your employer will be having just as much of a tough time as you, and they’ll be just as keen to open up again. Stay in touch, keep it friendly, and make it known that you’re keen to get back and you’re available to help with any re-opening preparation they might need help with.
These are really tough times for so many of us, but we WILL get through this. Knowing your finances inside out and making a real effort to keep them in check is particularly important right now.
*This is a collaborative post.
