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WE have always been encouraged to save and prepare for a rainy day, but some of us were unaware that we would have an extended period of those days due to the impact of the novel coronavirus pandemic.
Whether it’s living and surviving through pay cuts, layoffs and unemployment, or having to pivot into starting a sideline to make ends meet, we’ve all learned valuable financial lessons during this time.
What are some of the ways that people have managed to survive? A few shared the financial lessons they learned from the pandemic.
Britney-Amoi McPherson, 25:
Be creative! If this pandemic has taught me anything about finances, it’s that you can do a business with just about anything.
Janice Forrester, 45:
The idiom “save for a rainy day” has become my new mantra. Before the pandemic, I was easily swept away by materialistic possessions; However, during house orders and lockdowns, I realized I was using my money for frivolous things like designer clothes, jewelry, shoes, and bags that were around the house staring at me instead of ” items of wealth creation such as stocks, bonds, etc. Therefore, as another idiom says “it’s never too late for a downpour”, and I will now budget and save wisely for the things that matter most like health funds, family trips, the child education and retirement.
Santana Smith, 24 years old:
The pandemic taught me the importance of having multiple sources of income. Having only one source of capital is not enough if you suddenly find yourself limited to that source because you have no other primary source of monetary gain. Having to sit down and think about how your bills will be paid, how the grocery shopping will be, or wishing your daily diets and personal care products were showing up might not be an easy feeling. Therefore, I cannot stress the importance of agitation, entrepreneurship and investment. The pandemic has strained the finances and the economic sector of so many countries; and despite a negative impact at the macro level, it is at the micro level that one can truly understand the financial difficulties of people who have only one source of income that they can suddenly lose the next day.
Tanaï Thomas, 22 years old:
Personally, it taught me about money management and budgeting. Since the pandemic, I have realized how important these two factors are due to a reduction in jobs and very little money coming in. I had to change some of my spending habits. By managing the funds and budgeting, I waste less.
Kristopher Ricketts, 30:
I’ve learned that you can’t take things for granted and you also have to be grateful. I have seen a lot of people whose lives have changed either by losing their jobs or by having their pay cut. While I’m fortunate not to have been too affected, I realize that things can change in the blink of an eye.
This pandemic taught me to diversify my source of income. In today’s society, an average 22 to 25 year old earns less than $ 100,000 on average with many debts such as student loans, car loans, monthly groceries and a rent / mortgage. It is very unlikely that an individual will live comfortably on such a salary, so diversifying and securing other sources of income will help improve their standard of living. During this pandemic, nobody’s job is theirs, so having a side job / activity would help balance your finances if you were to lose your job for a while. I was placed out of work for two months and without my job and savings I would have to rely on others to financially support my daily lifestyle. Everyone should have multiple sources of income! Invest in homes, food and transportation!