The COVID-19 pandemic has taught us some important financial lessons that we should revisit. As time rolls on, Australia seems to be making a steady recovery. It is important to reflect on how the lessons we have learnt can help us prepare for periods of uncertainty and description in the future. Here are three important lessons we all should learn from the Coronavirus pandemic:

Having a financial plan

It is easier to survive financially without a spending plan when money is flowing freely. However, when we are hit with a pandemic, we begin to realise that every dollar becomes more important. You need a plan to constantly improve your financial position (if not done so already) to be prepared and able to make recovery from any challenges set up due to the pandemic.
Whilst we are moving into the coronavirus recovery period, it is important to make sure not to splurge and stick to your goals.

Having an emergency fund is crucial

A thought that you may have had during this pandemic period was wishing you saved up more. It is generally recommended that you maintain enough accessible cash to cover daily essentials and expenses for up to three months in an emergency fund. A lesson learnt from the Coronavirus crisis is recognising when to be more conservative on your spending and perhaps adding it to your savings or emergency fund instead.

Diversify your income

Having multiple streams of income means more security. Putting all of your eggs in one basket makes you more susceptible to economic downturns. Having an alternative source of income is an added protection and can be as simple as home-based work, extra assignments over the weekend or a casual evening job.

If you need some help getting back on track or would like some more information on how to improve your financial position then please contact us today. Australian Bankruptcy Services offer expert debt options and Bankruptcy advice on our toll-free hotline. We are open 24/7 so contact us at your own convenience on 1800 462 767.