Financial lessons from the COVID-19 pandemic 3.0

It's been over two years since the first novel coronavirus case was witnessed. When things were getting back on track in the back year, the third wave of Covid-19 struck and again impacted our day-to-day life. Covid-19 Pandemic 3.0 threw up some critical financial lessons.?

Although everyone wishes not to bear such circumstances again in our lifetimes, these financial lessons will help us to be well prepared for any uncertain event happening in the future.

Let us explore and understand these learning and see how they can be put into a routine to be on a stable footing.

Lesson 1: Plan and maintain an emergency fund

Surely the pandemic scenario is not an everyday event, it can occur and we must maintain a crisis fund for at least two months of our expenditure. Revenue, expenses, savings, investments must be planned according to your family's short-term and long-term requirements. Numerous people's jobs have been affected in the past two years, thus it's essential to maintain an emergency fund.

Lesson 2: Get an instant cash loan for credit backup

If anyone is struggling to borrow immediate credit to meet uncertain medical situations, then opting for an instant cash loan is the best solution. Anyone can get these loans without providing any collateral or security. Without worrying about mortgaging your valuable asset, you can better manage your finances in medical emergencies.?

Lesson 3: Get a Health Insurance

Always, always have health insurance. In case of absence of it might result in additional financial and health problems for you as well as your family. Covid-19 has had many households that got impacted, struggling for medical assistance. Health insurance is a plan for such emergency situations.

Lesson 4: Save more and spend wisely

We may not desire to do this earlier, but this extreme situation has compelled us to save a little extra than before. The pandemic has already pushed us to cut down on our additional expenditures such as regular shopping, movies, concerts, etc. Thus, spend wisely but save as well.

Lesson 5: Diversified investments

In these times we need to be careful in investing and deciding how much to do it. Plan how much you can invest in each asset and that should be decided based on the risk you are willing to take and not on based on its returns currently generating.

?Lesson 6: Live a minimalist life

It’s all about realizing that for living a happy and prosperous life we don't require much. Living an uncomplicated life, focusing on requirements, lessening wants, and creating healthy spending habits will not only guarantee financial prosperity but will also contribute to sound mental and emotional wellness.

Conclusion

To conclude, financial discipline and sense are needed to flow through the ups and downs of life. This pandemic will leave in a short while but if we can retain, imbibe and execute the learnings from this situation, we would be prepared for the next time trouble hits us.