Stay at home financial lessons to apply post quarantine
For most of this year, Americans have abided by some form of stay at home orders. Whether you were in strict quarantine or your state had shelter in place orders, you discovered what it was like to spend most of your waking hours at home. Being in a lockdown for the first time may have taught you many things about the world and yourself.
While the past few months haven’t been easy, you could walk away from the pandemic better in some ways than before if you apply the lessons you have learned. Take these financial lessons learned during the pandemic with you as things begin to open up.
1. Build an emergency fund
The concept of a savings account is nothing new. Most people realize that they need a cash reserve for emergencies. The issue is that most Americans live paycheck to paycheck, which makes it really hard to save. If the pandemic has taught us anything, it’s that our jobs could be lost at any time. Companies can be forced to close, and not all of them can afford to continue to pay workers. Without a savings account, there’s no buffer for your bills. While saving isn’t easy, it’s not impossible for most. You have to be willing to make a few sacrifices and lifestyle changes.
2. Create an emergency kit
The early days of the pandemic were stressful. It was difficult to find everyday items due to panic shopping. Americans now know the importance of having any emergency kit with essential supplies. You may not be able to get supplies, because you’re ill and forced to quarantine. Items can once again be hard to come by because people panic buy. While there’s no reason to hoard a bunch of supplies, it is a good idea to keep enough supplies to get you through a couple of weeks.
3. Cut those unnecessary expenses
The pandemic may have caused you to finally take a hard look at your budget, making you aware of some unnecessary expenses. You have had to live without certain memberships like the gym, fitness classes, beauty services and spas. You probably had to learn how to work out at home or outdoors. Take those lessons and apply them going forward to save.
4. Pay down your debt
Paying down high-interest debt during a pandemic is near impossible, especially if you have been furloughed or laid off. In fact, you may have acquired additional debt to float yourself between your last paycheck and unemployment benefits. If you have high-interest debts, you might consider a personal loan or debt consolidation loan to make managing your debt easier.
The pandemic has negatively impacted millions around the globe. You are not alone in your struggles and hardship. Take the lessons you have learned during this challenging time and apply them to build a better future for you and your family.
This post is not intended to be a solicitation for a loan. Brighter Pays provides these blogs for entertainment and informational purposes only. Remember to consider all your financial options before making any decisions related to credit.