The COVID-19 outbreak has led to economic disruptions, causing drastic loss to our livelihood and exposure of inequity in the health system. Hundreds of thousands fell into extreme poverty while risking themselves as a consequence of the virus.
We weren’t equipped for this. Nor had seen this coming. Before the pandemic, most of us spend our bucks on daily struggles. We were bound to fill in our basic needs while allocating funds to other expenses.
Moreover, the imposition of restrictions paralyzed the global operations. It caused limited resources and an increment of price in commodities. As per our survey, 41.4% of 1,094 Americans we asked noticed slightly negative financial changes. There were lesser incentives.
There is a widespread, an ongoing uncertainty on when this impact ends. But one thing is assured: we have to make sounder decisions in terms of financial settlements. This slight change to our spending habit emphasized our indigence to save some money.
As the pandemic took a toll on many individuals and families, it also realized that they need to conserve for better and wiser spending. A health crisis has also made people understand that life is too short not to maximize money-saving habits. People have learned conventional ways to earn money while dealing
While this serves as a helpful comeback in the systematic downfall, we have to acknowledge that not everyone has the means to reach out to financial advisors and experts. Some can save money since they have excess standards, fewer expenses, or wiser monetary agreements. But others thrive on managing
their depreciated accounts.
Moreover, it’s a positive aspect to note that there’s still a handful of Americans who could save money before the coronavirus struck the country. It implies some persons and families’ preparedness to deal with a crisis that imperiled the economy’s state for more than eight months.
While the lockdown had an evident impact on everyone’s financial situation, it doesn’t take away the fact that many Americans have somehow geared for the worst-case scenario. Those who struggle will serve as a lesson to improve their money-saving habits while pushing the economic system to provide more for their sector.
Those who are able to maintain their wealth before the pandemic should put their fortune to great investments, that would secure their financial status for future generations. And if there’s something that the pandemic taught us, it’s the appreciation of what we have and the vital role it serves when the going gets tough.
John F. Howard
John grew up in a poor suburb in Delaware. His parents got divorced when he was eleven. Together with his mom, they had to grind their way to survive.
“A Penny Saved is a Penny Earned”
… these were the exact words her mother taught him growing up. He learned the value of managing time and money and took up Business Administration at the University of Delaware. He was a successful business consultant at an IT company in Wilmington, Delaware before he decided to give life to CouponLawn.com.