Optimistically speaking, there’s something good in everything bad. If anything, the pandemic has taught us lessons we wouldn’t have otherwise learned.
What started towards the end of 2019 is still continuing – the longest marathon we are running. Well, the ongoing pandemic will forever be a chase, or rather a race to remember.
It shook our lives, burst our bubbles, and gave us a ‘new normal’, which apart from making a lot of things “mandatory” also includes joblessness, economic slowdown, and steeping healthcare bills. Irony at its best!
So what do we do? Do we have the option to undo all of the above? Unfortunately, no. This marathon we got to keep running till we beat the pandemic. To beat it, we have to survive; to survive, we need to save and invest, wise. But the question is, how can one save when every other company has asked its employees to take pay-cuts? Or worse, politely asked to ‘look for another job’ because they are ‘cost-cutting’?
Optimistically speaking, there’s something good in everything bad. If anything, the pandemic has taught us lessons we wouldn’t have otherwise learned. Come to think of it, amidst all the panic it generated (and continues to), the pandemic taught us to cut to the chase and how!
With the economy slowing down, we learned to check our pockets. Essentials became ‘the’ word. However, with e-commerce servicing and things opening up, there’s always a need that can arise. We are at a juncture. To save or not to save cannot be a question. It is the need of the hour.
To start with, focus on the ‘essentials’. That’s what you need to get you through. Often times, what we need is lesser than what we think we want. Remember that. So spend for needs, not for wants.
Moreover, a wise thing to do would be to build an emergency fund. The golden rule here is to have three months’ salary in your bank account that is readily available to you. This is to ensure that your expenses are covered in the fund, in the unfortunate event of losing a job or business not doing well, or someone falling terribly sick.
Now, back to the same question: how do we build an emergency fund in the current scenario when we are struggling with money?
The answer, if not entirely, but majorly, lies in choosing minimalism. Know what to buy; more importantly what ‘not’ to buy. You don’t need everything you add in the cart. So put a check on your purchase before you check out.
Don’t step out unless necessary. This will not only keep you away from public places and the risk of contracting the virus, but will also ensure that you don’t burn a hole in your pocket eating outside. Cook, opt for homemade food; give Zomato and Swiggy a break (for now at least?) Unsubscribe to apps you don’t use/need, but still pay for them. Unsubscribe right now, without a second thought. They aren’t going anywhere. You can always have them back later.
Once you are able to save up, get your health insurances in place to take care of your health needs, so that you don’t end up exhausting all your cash balance.
Financial experts have pointed out that the year 2020 was the ultimate playbook of investment lessons. And one of the first lessons as an investor is to find high-quality companies and hold onto them for as long as possible. The best time to invest is always now. Don’t wait for things to ‘settle down’, we don’t know when that’s going to happen. A wise step would be to make the best out of the worst situation we are in. Discuss, talk to experts, understand how markets work, especially stock market, and invest to the best of your ability.
Sticking to a disciplined minimalist lifestyle will help us sail through this pandemic. Panic and pessimism won’t. Patience will.
And, if it helps to know – we are in this together.
Source: Business World
