The COVID-19 pandemic has had a severe impact on economies worldwide, and stock markets have been quite unpredictable. Governments worldwide started taking measures against the pandemic and some of them included lockdown, curfews, no travelling abroad, and no indoor services such as restaurants and shopping centres. Business closures and people losing their jobs became the new reality of 2019-2020, and 2021 seems to be a year with good and bad news. In 2021 several countries started relaxation measures as more and more people got the available Covid-19 vaccines. As parts of the world start to open again, it seems like a good time to develop a post-pandemic savings plan.
How has the pandemic affected your income?
Before coming up with a plan, it is essential to understand what our current situation is. Are we among those who lost their job? Are we part of those who still benefited from a stable income? Do we have passive incomes? How much should I be saving in case of emergencies?
Financial experts explain
A recent conversation with financial experts revealed that we need a solid plan for our post-pandemic financial status. Experts suggest that we should have some contingency savings, maybe a total of three to six paychecks. This amount should come in handy in case the pandemic situation worsens, and we have to face lockdown measures again. However, the pandemic made it difficult and unrealistic for some people to continue saving this much money. Experts suggest we start saving depending on our earnings and analyse how our governments respond to the financial crisis. The U.S government has helped people during the pandemic by creating new job opportunities and with stimulus checks, but those who want to be wiser will also start saving money. There is no perfect plan that works for every single person, but even a small amount of savings can help.