4 Money Lessons from the Pandemic
1. Expect the unexpected
Prepare for the unexpected. Many people lost their main source of income during the COVID-19 pandemic and didn't have enough savings to cover their cost of living. Plan for it now. It could be surgery, time in between jobs, or a major house renovation that you didn't foresee. Create an emergency savings now.
2. Prioritize your spending
After being cooped up in quarantine for over a year, it is easy to blow your budget with travel plans and dinners at restaurants. Instead, find balance and prioritize some entertainment but stick to your savings and retirement plans.
3. Evaluate and diversify your portfolio
Things are constantly changing whether we are in a pandemic or not. Invest in the long game. Quick returns do not usually pan out over time.
4. Watch how you spend your money
The pandemic showed us true colors of many businesses. It also showed us how communities could rally behind small businesses during tough times. Major events like the COVID-19 pandemic force us to evaluate our lives and how we are using our finances.
Source: Brewer, Katie. 12 July 2021. Your Richest Life. https://documentcloud.adobe.com/link/review?uri=urn%3Aaaid%3Ascds%3AUS%3Ace5ab8ed-cf31-4a36-a3ef-78796da3ad9e#pageNum=1
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