Financial Lessons from the Pandemic

Sometimes it takes a global pandemic to confirm the precariousness of your financial position.

According to the World Economic Forum, COVID has caused an economic shock three times worse than the 2008 financial crisis. Even if a vaccine was discovered tomorrow, it will likely take months, if not years, to repair the devastation to the economy. This is a hard fact that we must face.

But instead of waiting for the government, rich relatives, or anyone else to offer assistance in these trying times, it’s incumbent on each and every one of us to buckle up and work towards a better future for ourselves and our families.

Further:

Stop beating yourself up over past mistakes and create a financial plan today about how you will create financial security for your family tomorrow.

The faster we let go of our past mistakes, the more time we get to productively shape our future.

The best remedy is to shake-up your financial management. Always purchase things with a credit card? Use cash. Track your spending on a spreadsheet? Write them down in a notebook. If your regular financial practices aren’t working, try something new.

This morning, I took the time to download the YNAB app, and spent over an hour learning the software, linking my bank…