Did you choose which colored shoe will you buy and wear on your cousin’s pandemic wedding? Are you done ordering a $50 pack of trail mix for Halloween? Looking forward to some Christmas splurging? If the answer is yes, then it might be too late for you to open this blog but if not, then I may have some things to share just for you.
The world is going through the worst time possible. We have a virus pandemic outbreak that shows no sign of leaving. Climate change is real, our trees are burning, prices of markets are volatile due to the upcoming US elections and its president’s current Covid-19 situations. This is the best time to curb your spending attitudes, and make sure that your hard-earned money does not go to waste on a whim. With Halloween coming up, if you have kids at home you might be tempted to spend on Halloween decors or costumes. Just hang on!
Here are 5 reasons why you should avoid overspending this holiday season.
The Global Pandemic
Covid-19 has caused more than 1 million deaths worldwide and is predicted to leave more than 30 million people unemployed in the United States alone. These are some testing times, but it is much less challenging if your bank account can back you up for at least a few months.
It’s best to avoid risks of the virus spreading. However, if someone does get it, your finances may be drained to support the medical treatment and recovery.
Having an emergency fund can support you greatly if something unfortunate happens and impulsive spending is not the best way to maintain an emergency fund.
Great opportunity to save
Although it is hard to imagine anything positive about this virus, it has given us some scope to save more of our earnings. Companies have started to allow remote working for non-essential workers, many have lost jobs and are holding on to their money by even curbing food expenses sometimes.
However this pandemic for the rest of us working from home, is a great to not only reconnect with our family but also spend less and save.
Think about it, you now have the time to cook for yourself, you do not need to pay for the Uber rides to work, and your kids don’t bump into random Hot Wheel cars that they simply refuse to let go of. Meaning, you have endless opportunities to save during this pandemic.
Investing is still a good option
The thought of investing during a pandemic sounds like a bad idea but there are obvious perks. Although stock markets have crashed in the last few months, some stock prices have stayed at their all-time highest, such as Amazon. To succeed, you would just have to determine where to invest. And if you do not want to enter the stock market right now, you could always invest in index funds and play the long game that assures much more security and financial stability to you in the long run.
Start your own business
(and join the GirlsGetFunded bootcamp).
We have made the bootcamp free to all founders and potential founders for the first cohort.
You always thought of starting your own business and told yourself that when you have the time, there’s no stopping you. Well, here is the time.
All you need is a bit of market research and some guidance on financial decisions, for that, you could always subscribe to our newsletters and check out what others are doing in the same industry as your idea. A side business could bring in some extra money that all of us need right now. On top of that, think about the fulfilment it will give you to start your own gig!
It’s never a good idea to overspend
Pandemic or not, rainy days can come whenever. It is always important to remind yourself that finances are not infinite and smart decisions can help you avoid a lot of unwarranted situations.
Holidays hold a special place in all our hearts but it’s important to remind yourself of the gravity of the situation that the world and all of us are in. The goal is simple. Make small but conscious decisions towards less wastage of money. Start today so that you can thank yourself in the future.