Managing finance while the world is suffering from economic fallout due to COVID-19

November 1, 2020

The ongoing pandemic (COVID-19) has made life worst and will continue to do so in the coming days. More importantly, the pandemic has impacted household budgets, and will undoubtedly continue to affect them for years to come. According to the statistics, millions are unemployed or have seen their income decline dramatically. So battling this financial crisis, getting a strategy is crucial. Also, prioritizing spending, and making effective use of resources will be essential to your financial stability.

Even if people ain't experiencing a change in their personal finance, COVID-19 has a massive impact on the world economy. From the cancellation of sporting events, religious meetings to the suspension of travel between the US and other nations, the world has seen the most significant economic fall out of the era. Although unemployment has skyrocketed, people in America are yet to go bankrupt. So every one of us must be conscious of maintaining our finances to mitigate long term financial problems.

Although budgeting and managing finances help to solve the financial crisis to some extent, giving life to the process can be hectic, especially when you have to go through every transaction manually. So to make it easy, we have come up with an automated system (Luna App) that helps you to take complete control over your personal finances.

What is Luna App?

Luna App is an automated personal finance app to split bills, track expenses, and manage personal finances. To be specific, the app helps you to take over your personal finance entirely and can be very useful when you have to track and manage your household budget. Also, splitting shared expenses and managing finance can be comfortable using the feature offered by the app.

Luna App and financial crisis due to COVID-19

Well, you might be wondering about how the app can bring revolution when talking about the financial crisis due to COVID-19. As mentioned above, the app can be useful when you have to track and manage your household budget.

Luna app helps fighting financial crisis due to COVID-19
Luna app helps to fight the financial crisis due to COVID-19

Likewise, managing and monitoring your expenses will help you maintain a thin line between your earning, spending, and saving. With this, you will find it easy to track if your expenses are according to your budget or not. More importantly, you will actually make some savings when you start to handle all your transactions from this app.

To know more about how the app can be used to fight with the ongoing financial crisis, check out the pain points that app addresses.

Prioritizing expenses

Prioritize where you want the money to go. It usually includes housing and utilities, food, transportation, and communications. Because of this virus pandemic, I do not think households will go into financial lock-down. To be more specific, your spending should entirely be focused on household needs rather than other expenses. So to make this easy, the AI-powered app, Luna, helps you to track where you have been spending most and vice versa. In particular, you can monitor your spending so that you can divert your expenses towards the basic needs of your life.

Planning for budget

It's never a bad idea to have an estimation of how much you spend on important daily items like food, accommodation, and utilities. Importantly, remaining on a budget can help you to tackle the financial crisis caused by the pandemic (COVID-19). On the other hand, monitoring all the information listed above is equally tricky, especially when you have to track everything manually.

Automate your budget planning using Luna app
Automate your budget planning using Luna app

However, after some study and research, our team came up with an idea of the LUNA app. Additionally, the app can help the user to keep budget up-to-date, track transactions in real-time, and maintain transparency. Apart from that, to keep your household budget according to your estimation, the app has a feature where everyone in the family can come into a single dashboard. With this everyone can get an insight into the family’s expenses.

Sharing expenses

One of the best ways to solve the financial crisis is to share the expenses. Either you are living in a joint family or sharing accommodation with your friends or partner, splitting bills and shared expenses releases the financial burden. On the other hand, people find it hard to split shared expenses fairly, maintaining transparency. To solve the problem, using the Luna app, the user can split bills between the group of people. Additionally, the app provides the facility where the user can pick the options split by amount, split by percentage, and split by share to split bills and shared expenses.

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