A new order of life is emerging from our sheltering under this pandemic. Different behaviors and habits are emerging, replacing old ones that no longer serve us personally or as a society. No more shaking hands? Continued compulsive handwashing? Increased radius of our personal comfort bubble of up to six feet?
Sheltering has also taught us a lot about money.
Staying at home and changing up our daily routines has impacted our finances:
- Many of us have lost jobs and income.
- Most of us are seeing fewer charges to our bank and credit cards.
- Some are seeing unspent monies accumulate in bank accounts for the first time ever.
“I have always known about my money issues but being put into this (shelter) situation has put a new and real perspective on them. Hopefully, when the restrictions lift, I can continue on this new path.” – M
What have you learned?
I’ve polled some of our friends and fans to see what they have learned in this pandemic and what they will be doing differently with their finances. Here are those responses:
“I have learned where I can cut back. Things are much simpler now. I have learned that I can relax and enjoy the things I already have. I plan to spend less money and more time at home.”
“We all consume too much. Our economy crumbles once people aren’t constantly consuming.”
“I previously spent a lot on unnecessary things because of impulse buying and shopping.”
“I have learned the importance of supporting local businesses.”
“Debt paydown is now an absolute top priority. You never know what craziness can unexpectedly rock our world.”
“Set financial goals while you have free time.”
“I need to work on savings.”
“The economy can change so quickly – I now realize how much I rely on my monthly pay.”
“As I move closer to retirement, I want to be in less aggressive stocks and not have my eggs all in one basket. I need to be more diversified.”
“I should have bought stock in Zoom.”
We all can learn from this and improve our finances. Let’s take what sheltering has taught us about money and use it to make huge improvements in our lives.
Buck the Budget can help. Sign-up now at buckthebudget.com.