So, probably the worst time we are facing right now. COVID 19 has affected our lives in one of the most dreadful ways. Every business is trying to stand up again, people are in constant search for new jobs. Poor or middle-class people are suffering some serious lack of money. In simple words, the Economy is on its knees right now. But there is always hope, with things are getting in control every day, our financial condition is standing back to normal. Let’s talk about 6 Financial Lessons Everyone Should Learn From COVID 19
1. Money Does Matters
With the economy facing its worst phase, it is now trying to stand up after shut down for more than two months. Everyone is realizing the importance of money. People don’t even have money for food, money to give rent, all their savings have gone. In simple words, people are having a seriously bad time with money.
But Why? Because either we spend our whole life thinking money as leverage and spend whatever amount we want on the useless things or we fear the idea of money so much that we never saved it enough for our hard times. And we are realizing its importance. Believe it or not, money was, is, and always will be important, all you need to do is to master its usage.
2. Emergency Fund is Necessary
With more than hundreds of millions of people lost their jobs during this pandemic. People are finding it really hard to cope up with their daily needs, as their needs are still the same but they lack money. All their savings are gone.
Well, that’s where we realize the importance of emergency funds. It helps you overcome bad situations without affecting your financial life. It’s never too late to start and maybe this is the beginning to give some serious importance to your emergency fund. Trust me, it will save you from so many financial crises.
3. Health Insurance Should be a Priority
Till a few months ago nobody knows what the hell is coronavirus is. But within in few months it comes out to be a monster. Nobody wants to fall ill or get surrounded by diseases but our lifestyle made us prone to illness. And with such increasing concern of health, it is necessary to give Health Insurance a chance.
Health insurance is super useful in giving you some financial relief while you are still on a hospital bed. This includes your long list of hospital bills plus that crucial money support to your family. Everyone should have health insurance because, after all that we are witnessing, you can’t say anything about health.
4. Financial Planning is a Need Of Time
Most people suffer from money because either they have a lack of financial knowledge or they lack financial planning. They are not capable of seeing a bigger picture of money. See financial planning is necessary for getting over such awful conditions.
Financial Planning doesn’t require a degree or so. It’s a small step to become concerned about your money. It starts with very small steps like Budgeting, analyzing your expenses, controlling your extra expensive lifestyle, paying your bills on time, having an emergency fund, and so on. The sooner you start to plan your finances the better it would be for you.
5. Never Rely On Single Source Of Income
The more the sources of income you have better it is for you. Depending on a single source of income probably not a smart idea especially in today’s world where your job has no guarantee. Plus more sources of income provide you with the cushion to deal with any money problem.
The number of people who lost their job during this pandemic alone will shock you, and this sudden loss of their only source of income had made the situation worst for them. So it is always advisable to have multiple sources of income so that it can save you in such conditions in the future.
6. Not Everyone In Financially Strong
This pandemic has clearly made us realized that life is very easy when you are sitting on your couch in an Air-Conditioned room. But this is not the same for everyone. The person whose family depends on him is facing a hard time finding work. All their savings have gone, all their dreams have shattered.
Not all people are financially stable, not all people are silver-spooned. For them their ultimate goal is that somehow they can be earned enough to buy food for the family. And still waiting in the hope that one day they will find work.
So these are the Financial Lessons we should learn from this COVID 19. We are dealing with hard times, its time to pull up our socks and take some better decisions about our financial life. Because with mental and physical strength we also need financial strength to deal with such situations. Take good care of yourself and your family. Stay Safe and stay positive.