02/09/2020
Personal Finance: Financial Lessons To Take Away From The Pandemic
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Personal Finance: Financial Lessons To Take Away From The Pandemic.
ICEA LION GROUP
Better Together
Personal Finance: Financial Lessons To Take Away From The Pandemic
This pandemic is the unprecedented event of our lifetime. While times have been tough, there are a lot of financial lessons that have emerged from it.
In times of difficulty you will be surprised to find that if you shift your perspective, you will find the proverbial silver lining. A lot of uncomfortable changes may have come our way, but so have the wins. For instance, less commute and fewer gatherings have offered many a chance to save and even invest what would have been spent on transport, meals and entertainment on a normal day.
A lot of businesses have set up shop digitally, which works in their favor. This pivot in business structure, though accelerated by the pandemic, was inevitable. Having a digital presence ensures continuity of a business and expands the customers that you can reach, which is very crucial during this time.
This pandemic has also taught us to appreciate and work within a set budget. You may have already discontinued unnecessary subscriptions, minimized your movement or reduced ordering take-out meals. Even as we gradually get into the new normal, continue making budgeting a lifestyle.
Let us appreciate these wins and the many lessons that we need to carry with us to ensure that in case of any other unforeseen events, we remain financially stable.
If you are wondering how best to grow from the lessons from this pandemic, we have rounded up a few measures that you can start thinking of implementing as we slowly start to open up.
Investing In A Money Market Fund
Looking to invest but having trouble figuring out how to start? A money market fund is an inexpensive way to start investing. It is a great way to earn interest from money that would have otherwise been in your savings. This will ensure that you always have money in case of an emergency, without even having to use what is your emergency fund.
Multiple Sources Of Income
The pandemic saw a large number of people either lose their jobs, take pay cuts or go on unpaid leave. This shows that it is important to be prepared at all times because what may seem like a stable job may not exactly be so. While it may seem easier to focus on one source of income, investing in multiple income streams allows you to spread the risk. This ensures that when one source fails, you are able to still rely on others and keep your income flowing.
Setting Up An Emergency Fund
They say to be prepared is half the victory. Just as you put money away into your savings, so should you for your emergency fund. A good emergency fund will cover at least three to six months of your daily expenses. This will offer you peace of mind and help you avoid incurring debts in case of any unexpected eventuality.
Despite all that is going on, it is very encouraging to see Ugandans going out of their way to help each other. The resilience and optimism demonstrated by our citizenry inspires us to keep moving forward
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