The very fabric of our society is being tested by the current COVID-19 pandemic, and our lives have changed in ways we could not previously imagine. From the freedom to do as we wish to living in confinement in order to preserve our health and safety, COVID-19 has redefined life as we know it.

Although staying mentally and physically healthy is a top priority, managing personal finances is also paramount to our survival. In fact, during this time of uncertainty, being able to find comfort in the things we can control is what will bring a certain peace of mind.

As a wealth manager, I have found that establishing a budget, setting a savings target and having a diverse investment portfolio are key money moves needed to remain financially agile during any crisis.

COVID-19 has given some of us busy professionals the gift of free time and for some of us it is even busier, but it is paramount we take the time to get our finances in order. One thing that has been working well for me is that I plan and review all my expenses, especially the dreaded trip to the supermarket. First things first, I assess my pantry — what do I need? My list is broken down into necessities such as toiletries, bread, water versus those indulgent nice-to-have items, like a sweet treat or the chips I really shouldn’t be eating. Likewise, all our spending right now should be broken down into necessity vs desire.

Essentialism dictates that attention should be given to the key elements that are needed daily, and operating on a budget allows for that. Now that shopping online has become the hot topic, everyone is getting innovative to provide convenient services from ordering and delivering your favourite meals, to having a virtual doctor’s appointment to getting groceries delivered to your front door. This means, though we find our entertainment expenses getting less, we are now more than ever faced with the temptation to online shop, not only for our basic needs but also just to pass the time. In times of uncertainty it’s important that we practise fiscal discipline. So, why not download a budgeting app, or create a spreadsheet detailing income and expenditure and stick to it by rewarding yourself with a small treat each month? Do not indulge in all the online sales and promotional offers unless they are on your necessities list. It’s not as if you are going to a party anytime soon and your current at-home work wardrobe will do.

Many might think it is hard to save during this time. After all, this is the “rainy day” we were planning for. The saying goes, “every mickle mek a muckle”. We should always practise to put away savings after each pay cheque, no matter how small because we don’t know what tomorrow may bring.

During a crisis, we tend to panic and think about the present and not the future. But we must be mindful of the fact that no one knows how long it will take to flatten the COVID-19 curve. Let’s think long-term and explore potential investments. Many financial institutions are making it easier to conduct transactions online. NCB Capital Market recently upgraded its online platform to allow individuals to trade equities and unit trust via the online platform, which can meet all your investment needs with a click. So there is no excuse; the time is now.

COVID-19 is not the end. Stay calm think ahead and continue making positive money moves.