For some people, numerous lockdowns felt like an unexpected vacation, while for others, it became a big challenge called “where to get cash for life?” Perhaps, money cannot buy you happiness, but it can give you peace of mind and the “I will survive in any situation” feeling, which is not bad either. We all can learn quite a few tremendous financial lessons from the pandemic. The most important ones are collected for you right here.
Have an Emergency Fund
Such a fund should cover at least 3–6 months of your expenses. It’s not easy to regularly put aside some part of your income, but it’s totally worth it. Creating an emergency fund will also help you take more control over your finances which is a good thing as well.
If you need to cover some unexpected expenses right now, GetCash.com can connect you with a trusted lender within the shortest time. Lenders cooperating with this service are not likely to refuse funding you because of the bad credit score; this can only impact the loan amount. Borrowing any amount between $100 and $5,000 is more convenient through such websites as finding vetted lenders yourself and comparing their pros and cons might be time-consuming.
Create More Than One Source of Income
Keeping your eggs in one basket has never been a good idea. Many people working for the same company for years suddenly lost their jobs when the pandemic came. And not all of them continued getting paid for months of lockdowns. Meanwhile, those with a diverse investment portfolio and some additional sources of money flow did not have that much financial pain. The conclusion is simple — diversifying your sources of income can help you get through crisis periods without much stress.
Health Is Wealth
People who were low on cash during the pandemic were still significantly luckier than those who got sick. Even though some famous athletes got COVID-19 despite being in perfect shape, the virus was much more dangerous for people with a weak immune system.
Improving your fitness level now can become a significant financial benefit for you in the future. Not only will it help you to avoid chronic health conditions such as diabetes, arthritis, or heart disease, but you will also be able to handle anxiety or depression and have a lower level of stress. Finding ways to make money during dark times is much easier if you have strong mental health.
Maintain Low Survival Expenses
In addition to saving money, the COVID-19 pandemic has also taught us the importance of being minimalist. An efficient way to achieve financial security in times of crisis is to limit your survival spending. In fact, all your lifestyle costs are just habits. They are formed over a certain period and require an equivalent long period to change. So you may only want to establish habits that you can stay with long term.
It’s Crucial to Be Flexible
We cannot predict situations like COVID-19 or other disasters as no one knows when it’s coming. Whether a new lockdown starts tomorrow or half of the businesses are closing for some reason in a few days, you have to be flexible — find a new job, create a new source of income, and adapt to the new life conditions quickly. If you can do it while being calm and collected, you’ll be able to handle practically anything.
Invest in Your Health Insurance
Coronavirus treatment usually takes several weeks, combined with numerous tests to detect the presence of the virus. Without proper health insurance, you can only imagine the medical bill you will get after recovery. Consider getting private health insurance in addition to the one provided to you by your employer. Ensure that it is sufficient to cover potential expenses, no matter how big.
Undoubtedly, the COVID-19 pandemic has served as a wake-up call for many. Therefore, now it’s a good time to take a step back, review your finances, and develop a solid plan to plug existing loopholes. Remember that crises are temporary, but your financial habits will stay with you forever.
John is a financial analyst but also a man of different interests. He enjoys writing about money and giving financial tips, but he can also dive into relationships, sports, gaming, and other topics. Lives in New York with his wife and a cat.