The pandemic was a situation unlike any other we’ve all experienced. Here’s what I learned from it.
When the coronavirus pandemic first hit, I, like many working parents, was a little lost. My first priority was to keep my family safe and to shield my children from the fears a lot of us were experiencing. But I also took steps to help ensure that the pandemic didn’t ruin my personal finances. Those included working until all hours of the night to avoid a disruption in income when my daytime hours were occupied with remote school and strategically cutting back on purchases until things settled down.
In the end, the pandemic taught me some very important lessons. Here are three that stick out in my mind.
1. It’s okay to have a robust emergency fund
I’ve always been financially paranoid. I frequently worry about unplanned bills like home repairs, and I’ve been known to go overboard on the emergency fund front by socking away extra money in my savings account rather than the three to six months’ worth people generally need.