How to Take Care of Our Money During the Pandemic

By Irene S. Roth

I think it’s fair to say that many of us are not money savvy. We live from pay cheque to pay cheque and we don’t have savings. We simply spend money continuously—whether we shop online or in person. We consistently live beyond our means. And when push comes to shove, we can’t effectively manage our finances, not even in good times.

Then the coronavirus hit. Because of this event, many of us went into a financial tailspin. We lost our jobs or got laid off. Our bills started piling up. However, we didn’t have any money to pay for them. If we had savings, they evaporated within a few weeks. If we had no savings, our future was even more bleak. Unfortunately, some people were evicted from their apartments or threatened with dire consequences if we didn’t pay their rent in full, yet they had no money to do so.

This pandemic would be so much more under our control if our finances were in order since we would feel more financially resilient. But when this pandemic hit, we were all caught off guard. We wondered how we could keep going. But when our finances are out of place, and our health or the threat of contracting this virus, our lives feel even more hopeless.

• Language: English
• Publisher: Irene S. Roth
• Release date: Dec 19, 2021
• ISBN: 9780463024331

Irene S. Roth

Irene S. Roth, MA is an academic and freelance writer. She writes academically, for teens and tweens and adults. When she isn't writing, she is teaching. She is also pursuing a Master's of Social Work Degree.

Book preview

How to Take Care of Our Money During the Pandemic

Irene S. Roth

Copyright 2021 Irene S. Roth

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Table of Contents

Introduction

Tip 1: Know Where you Stand Financially at all Times

Tip 2: Live Within Your Means

Tip 3: Save First

Tip 4: Understand the Difference Between Good and Bad Credit

Tip 5: Set up a Financial Safety Net

Tip 6: Set up an Emergency Fund

Tip 7: Know the Difference Between Your Needs and Wants

Tip 8: Practice Delayed Gratification

Tip 9: Set Financial Goals

Tip 10: Create a Budget

Tip 11: Set Financial Goals Based on Your Money Values

Tip 12: Reduce Grocery Spending

Tip 13: Shop Mindfully

Tip 14: Create a Master Shopping List

Tip 15: Prioritize Large Purchases

Tip 16: Don’t Shop Impulsively

Conclusion

Resources

About the Author

Introduction

I think it’s fair to say that many of us are not money savvy. We live from pay cheque to pay cheque and we don’t have savings. We simply spend money continuously—whether we shop online or in person. We consistently live beyond our means. And when push comes to shove, we can’t effectively manage our finances, not even in good times.

Then the coronavirus hit. Because of this event, many of us went into a financial tailspin. We lost our jobs or got laid off. Our bills started piling up. However, we didn’t have any money to pay for them. If