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Six common money mistakes you might be making during the pandemic

By Esther Muchene | Aug 27th 2020 | 3 min read
By Esther Muchene | August 27th 2020
You need to check out some of the money mistakes you could be making so as to be secure during this period of financial instability (Shutterstock)

We can all agree that the coronavirus pandemic caught us off guard. Everyone has been affected and this is the first time most of us are experiencing something like this.

One of the main areas of concern is finances. This has caused a lot of stress and chaos and the best thing you can do is start using your money wisely.

Many people have been forced to look for other odd jobs and if you have any sort of income right now, you’re in the lucky bunch.

Now, you need to check out some of the money mistakes you could still be making so that you’re able to be more secure during this period of financial instability and uncertainty.

  1. You’re not prioritizing emergency savings

The worst news you can get right now is that you’ve tested positive for the virus.

Aside from that, we still haven’t forgotten about other critical health conditions so you can’t afford to splurge the same way you would when there was no pandemic. Either way, you need to start a culture of prioritizing an emergency fund even when this season passes.

Also, now is not the time to go crazy over every sale you see. You need to stay calm and resist the urge to buy your wants for now. Create a budget for home essentials so that you don’t end up suffering in case of anything.

Things could change all of a sudden so you should work with budgets and consistently stick to them.

  1. You’re not listening to any financial wisdom

If you’re still operating as usual, you could be in trouble. Most people don’t have enough financial wisdom to deal with seasons like these and that leaves many vulnerable to crashes.

It’s better to do some research right now and get some wisdom from professionals because they could save you from making small but detrimental money moves.

You’ll get some important information about appreciating and depreciating assets, stock markets and you’ll get an idea of which direction you should take.

  1. You’re giving up on your goals

Corona has really stolen people’s dreams within a few months. Right now, many things seem impossible and I can’t blame anyone for having that mentality.

However, if you look in the right places, you’ll be able to gather enough courage to keep your vision in sight.

If you spend your time absorbing all the negative news, you won’t have any hope left. You can learn how to maneuver by seeking financial advice and surrounding yourself with news that will uplift you.

  1. You’re still falling for scams

Scammers are working harder than before right now and you have to be on the lookout. Of course, they’re always actively seeking who to devour but right now they’re also being affected by the financial changes the world is facing (but should you really feel bad for them?).

Don’t gullibly fall for the get rich quick schemes and the pyramid recruiters because you could end up losing all you have left.

  1. You’re not diversifying your career

There are still so many opportunities for you out there despite the chaos. I’m sure you’ve seen that there has been a huge shift of people starting YouTube channels and those that are investing in online businesses. Maybe you could find something to settle on too.

Don’t underestimate your ideas because you could find your success quicker than you thought.

  1. You’ve stopped donating

If you’re in a position to help others, you shouldn’t let that go. It’s not always about making money and spending it on yourself because there are still people out there who are needy.

You actually don’t have to have millions in the bank to make a difference. You could choose to buy someone a meal or donate to your local church to assist those who have nothing right now.

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