The silver linings are there if you look for them, even in a pandemic. We all know that COVID-19 has changed things in a fundamental way at a societal level. However, as with most things in life, its impact on individual lives is different depending on one’s access to money and resources.
Over the past few months, I’ve been reading articles about how some people are seeing an improvement in their finances in the midst of COVID19. Working from home means that people are saving money on professional wardrobes, commuting costs, grooming products, cosmetics. Some people are even moving from their expensive locales to cheaper areas since they no longer need to be physically close their offices. In other words, people haven’t had to spend their money in certain categories because COVID19 allows them to work in their pyjamas in the comfort of their own homes.
There is no arguing with the fact that the pandemic has severely impacted life as we knew it a mere 7 months ago. Yet, there are some pretty serious financial benefits for some people. The people I’m referring to still have steady and substantial paycheques, yet they can work from home. For this fortunate group, their income is the same yet their outgo has dropped.
If you’re one of the fortunate ones who still has a reliable income, assess your own situation. Determine if you’re saving money by working from home. If so, calculate whether those savings are getting you closer to your financial goals.
There’s some chatter in the system about a vaccine for COVID19. No one knows when it will be found, nor how quickly it will take for all of us to get it. All we know for sure is that the pandemic won’t last forever.
We can also very be certain of the following. Regardless of whether we move back into our old offices, spending will go up. Think of the concerts, retreats, tournaments, and conferences that have all been put on hold due to the pandemic. Those will return with a vengeance. People who’ve chosen not to risk traveling will be on the way to the airports within days of getting vaccinated. After all, time is precious and the world is a big place. Those struck by wanderlust will be making up for lost time.
What I’m saying is this. Take this opportunity to save. Nothing obligates you to spend the money you’re saving by working from home. I’m not even suggesting that you hoard every penny. I’m urging you to take note of the financial silver linings that available to you during this pandemic.
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Weekly Tip: Listen to podcasts about money. You’ll learn a little something about a great many things. Try out a few different ones. Take what you like. Leave what doesn’t work for you. Be open-minded, but don’t let your brains fall out. As I’ve said before, you need not make every mistake yourself. You can learn from the mistakes of others.