Financial lessons the pandemic taught us

WE’VE always been encouraged to save and prepare for a rainy day, but little did some of us know that we would have a prolonged period of those days due to the impact of the novel coronavirus pandemic.

Whether it was experiencing and having to survive despite salary cuts, layoffs and unemployment, or having to pivot by starting a side hustle to make ends meet, we have all learned valuable financial lessons during this time.

What are some of the ways people managed to survive? A few shared the financial lessons the pandemic taught them. 

Britney-Amoi McPherson, 25 :

Be creative! If this pandemic has taught me anything about finances it’s that you can make a business out of practically anything. 

Janice Forrester, 45 :

The idiom “saving for a rainy day” has become my new mantra. Prior to the pandemic I was easily carried away by materialistic possessions; however, during the stay-at-home orders and lockdowns I realised that I used my money on frivolous things like clothes, jewellery, shoes and brand name bags which were in the house staring at me instead of wealth building items such as stocks, bonds, etc. Consequently, as another idiom states “it’s never too late for a shower of rain”, and I will now be budgeting and saving wisely for the things that matter most such as health funds, family trips, children’s education and retirement. 

Santanna Smith, 24:

The pandemic has taught me the importance of having multiple sources of income. Having only one source of capital isn’t enough to rely on if you suddenly find yourself restricted from said source, because you have no other main source for monetary gain. Having to sit down and ponder how your bills will be paid, how grocery will come about, or wishing for your regular day to day self-care regimens and products to appear might not be an easy feeling. Therefore, I cannot stress the importance of hustling, entrepreneurship and investing. The pandemic has put a strain on the finances and economic sector of so many countries; and despite having a negative impact on the macro level, it’s at the micro level that you can really understand the financial hardship of the people who only have one source of income which they can suddenly lose the next day. 

Tanai Thomas, 22:

Personally, it taught me money management and budgeting. Since the pandemic I realised how important these two factors are due to a cut back on jobs and very little money coming in. I had to change some of my spending habits. By managing funds and budgeting, I squander less.

Kristopher Ricketts, 30:

I learnt that you can’t take things for granted and you also have to be grateful. I have seen a lot of people whose lives have changed either by losing a job or having a decrease in salary. Even though I’m lucky to not have been affected much, I realise things can change in the blink of an eye. 

VW, 22

This pandemic taught me to diversify my source of income. In today’s society the average 22-25-year-old is making less than $100,000 with a lot of debts such as student loans, car loans, monthly groceries and rent/ mortgage. It is highly unlikely for an individual to live comfortably with such salary, therefore diversifying and securing other sources of income will aid in improving one’s standard of living. During this pandemic nobody’s job is theirs, so having a side job/ hustle would help to balance your finances if it is that you were to lose your job for a period of time. I was placed in the position of being unemployed for two months and if it wasn’t for my side hustle and savings, I’d have to rely on others to financially sustain my day to day lifestyle. Everyone should have multiple sources of income! Invest in houses, food and transportation!