It’s Not Too Late To Take Advantage Of The Pandemic
The coronavirus pandemic has caused many of us to change the way we lived. Masks, sanitizers, social distancing, etc. Life has changed and we are adjusting to a new normal. Part of the change includes many people struggling financially because they have lost their jobs, business has decreased, or they needed to leave their employment to care for children and others. However, there are many whose employment situation did not change. In fact, it actually improved for some. If you are a part of the second or third groups, are you taking advantage of the pandemic or are you spending as usual? Let’s talk about how you can take advantage of the pandemic.
Since many have been working from home, there have been opportunities to save on expenses. They don’t have to drive to work, so they save money on gas. They don’t have to dress as professionally as they did when they went into the office, so they are saving on dry cleaning. Many children enrolled in school are learning virtually, so the cost of clothing and tuition are also being saved. Many people are also eating out less, so I know there are major savings there. Also, traveling has decreased. Decreased travel should add up to less credit card spending and/or less spending from your savings account. Depending on your lifestyle, there are other areas where you are spending less money as a result of the pandemic.
What are you doing with your savings? Are you using them to buy more things and get deeper in debt? Did you buy that shiny new car that you’ve had your eye on? Or did you fill your closet with new outfits in preparation for the end of the pandemic? Or did you choose to take advantage of the pandemic? Many people say that one of the main obstacles to saving and/or decreasing debt is little or no money left over after bills are paid. If you are saving money on one, two, or more expenses this is a great time to decrease and/or eliminate some or all of your debt. In the process you can increase your credit score too. You’ve been hearing about an emergency fund and wishing you had one. Now is the perfect time to start one and to build it up. You can use those monthly savings to work for you and to help improve your financial situation. However, like any other decision it starts with how you think. Do you want your financial situation change or stay the same? The choice is yours. It’s not too late. All the best.
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