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Financial lessons we’ve learned from the pandemic

What COVID-19 has taught us about money management
Relying too much on a 'stable' income is shortsighted
Building up an emergency fund is a must
Setting aside enough to tide you over is crucial
Budgeting in a crisis can make all the difference
Putting your money into the stock market can be seriously risky
Investing is for the long term
Diversifying your investment portfolio is essential
Paying off credit card debt is a smart move
Clearing other high-interest debt should also be a priority
Finding a better credit card deal and consolidating other debt is sensible
Avoiding taking on any new debt is prudent during a crisis
Cutting back on luxuries isn't actually that difficult to do
The temptation to splurge online can be hard to resist though in a pandemic
Splashing out on a daily coffee and lunch drains your finances
Working from home can save you a fortune
Claiming tax deductions if you work from home is a thing
Making rash financial decisions is rarely clever
Using the internet for free financial advice and money management tools can be enlightening
Knowing what you're entitled to is super-important
Communicating with organisations you owe money to is always advisable
Investing in buy-to-let properties comes with major risk
Developing a lucrative side hustle makes good financial sense
Creating multiple income streams is even better
Taking out income protection insurance gives you peace of mind
Signing up for a mortgage protection insurance policy is the next best thing
Travelling without insurance is foolish
Taking out a life cover policy shouldn't be put off
Getting your estate in order is morbid but necessary
Watching out for scammers and fraudsters is vital during a pandemic
Sitting down (remotely) with a financial advisor can save you money
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What COVID-19 has taught us about money management

The coronavirus crisis has upended our lives in ways we could never have imagined. But among the silver linings to be gleaned from the pandemic, apart from the obvious such as spending more time with immediate family, are the money management lessons COVID-19 has taught us. From the importance of building up an emergency fund to diversifying investments and developing a lucrative side hustle, click or scroll through 30 sound financial lessons we've picked up due to the pandemic.
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Daniel Coughlin

27 October 2020

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