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5 Financial Lessons We Can Take Away from the Pandemic
With almost a year into the pandemic, many of us have had to reassess our expenses as we still manage this disruption that left many of us caught off guard.
While many of us have had to file for unemployment or set us back in our personal finance, it has also shown us things about the money we didn’t know before.
The pandemic has taught us some valuable lessons about our financial decisions that we probably didn’t expect but that can help us for whatever the future holds.
1. Always have an emergency fund
One thing that the pandemic has taught us, is that an emergency can happen at any moment. We never know when there will be another debacle, our hours get cut at work, or we lose our job.
We should always set aside enough funds that can help us brace for the impact of another emergency.
“Experts say having 3 to 6 months’ worth of living expenses should suffice.”These months of expenses can be useful to help pay the mortgage, rent, utilities, or any other essential needs.
While we may not be able to predict the next emergency, it can help us stay prepared when we save enough to brace for the unexpected.