LESSONS LEARNT FROM THE COVID-19 PANDEMIC

I’m sure we all can share many lessons learnt from the pandemic and in this blog post today I am sharing mine. I see even more now why people say hindsight is 2020, because if I could go back to life pre-pandemic I would’ve done a few things differently. Anyway, no use complaining or dwelling on the past so here we go…

o An emergency fund is essential – I cannot stress this enough. I love Dave Ramsey’s baby steps where he talks about this being step number one. It’s so important to have a bit of money to fall back on when “things ain’t things” as us young folk like to say. This allows you to still be able to live and cover your core expenses. You may have to choose the cheaper brands but hey, you won’t starve! Another one of Dave’s baby steps is to save 3-6 months worth of core expenses and this is beyond beneficial. It may seem like a lot but try looking at ways you can adjust your budget that will allow you to save more money to put into your emergency fund. When the pandemic hit thousands of people lost their jobs and that lack of consistent income, that they were use to was a thing of the past, at least temporarily. Look at ways where you can reduce your expenses and where you can put extra money aside for a rainy day.

o Businesses should have a contingency plan - I never really thought about this until the pandemic but it is so true, especially for businesses that are prone to natural disasters. If something happens what is the company’s contingency plan? I know some businesses were still able to pay their staff during the pandemic, whilst this was not the case for many others. Is working from home an option at your place of employment? Are there specific policies and procedures put in place already for certain situations such as a pandemic or natural disaster? I’m sure this conversation is going to come up in future interviews with persons seeking employment.

o One stream of income “aint” it – They say having multiple streams of income is one of the ways to help you become wealthy. I loved how the pandemic brought the entrepreneurial spirit out of so many of us. I always say that my Bahamian people are a creative bunch and we WILL find a way to make money. If you relied on two streams of income pre-pandemic and one suffered, at least you have the other one to fall back on. Think of those things that you enjoy doing, those skills that you’ve acquired from your job that are transferable, think of what is in demand and how you can meet that demand. Think of what product or service you can sell and make a profit. Think of the things people always compliment you on. Get creative and see how you can put yourself out there. We all bring a level of value to the table that we can market to others and potentially turn into a business.

o The things you thought mattered, really don’t – Adjusting my budget was one of things I immediately did when the pandemic first began. I cut out the unnecessary spending as well as the consistent nail and waxing appointments. Sometimes you just have to take care of your maintenance yourself. I came to a point where those things just were not important to me at that time and I had to prioritize my funds. Even now that the pandemic isn’t as intense as it was when it first started, I’ve realized certain things that I was spending money on don’t really matter. It’s money I can choose to save.

o Life is short – Mentally the pandemic has impacted all of us. Seeing loved ones & friends sick, hearing about the high mortality rate, it all became so surreal. Life is short, you are here today and gone tomorrow. Each morning that you’re able to open your eyes is a blessing within itself and a reason to live that day to it’s fullest. Enjoy life because it has an unknown expiration date.

o Be frugal & don’t frivolously spend your money – SAVE, SAVE, SAVE! Reevaluate your budget and see where you can cut expenses out. Be mindful of your spending and try not to impulse buy. Any amount that you can save is a step in the right direction. If you want to purchase something include it in your weekly or monthly budget instead of spending like you are el chapo LOL (saw a meme about this). I’m not saying to deprive yourself or to not treat yourself but do it within reason and include it in your budget! Even if you have a line item in your budget for that specific item that you know you enjoy splurging on every now and again.

o A social life is important – When you are basically forced not to have one due to lockdowns you realize how some form of a social life is kind of beneficial. If I wasn’t as introverted before the panny, I definitely am even more now. I honestly enjoy my own company now days and I don’t feel the need to be surrounded by others however, It’s nice to have the option every now and again. With the lockdowns, restrictions and curfews, social gatherings were a no go and this affected so many. Not having the option to get up and go where you wanted to, created a lack of freedom and a sense of imprisonment. Note to self: Don’t get into any trouble because you won’t survive in the confines of jail LOL.

Well that’s it for today folks! Let’s get chatting down below in the comments. What lessons have you learnt from the pandemic? Don’t be shy I want to get your feedback and the ability to interact with my readers.