June 15, 2024

During the Pandemic why the saving is one of the smartest activities to be done


Although there are as many temporary shutdowns many places as well as the activities at the turbulent time, it is still relatively one of the best times for building up a better economic safety net.

Amidst the temporary lockdown as well as the global uncertainty still prevailing causing much fear and panic, around the COVID-19 or Coronavirus threat, it also has been instrumental in providing us with a multifaceted opportunity. The fear and panic is quite apparent as well as it does is help in making the choices, that are less than optimal and yet supports in combating the urges.

The better way to be much more in control of a pressure situation is in form of saving our finances or money. When everything is falling apart, only saviour is by a build-up an inventory of surplus cash resources that can provide us enough choices. This in turn will also support us in feeling a bit less nervous regarding one vital element in our lives.

However, one thing is for sure that COVID-19 or Coronavirus has completely changed our existing environment and spendthrift behaviour emerging out from over spending of our financial resources. This can be a great opportunity to switch your behaviour to the more economical side.

There are much more to be done when such tough time arises as one can easily spend their time read a book, listen to a podcast or catch up on that Netflix show you’ve been meaning to witness instead of spending precious finances on some unworthy shopping as well can cook homemade meals for the family instead of venturing out for dining in hotels.

Focusing on these free activities won’t only assist you now, but also within the future as you develop lasting habits which will cause you to happier, healthier and wealthier down the road. By breaking your shopping habit now, you’ll realise that happiness doesn’t need to come from swiping your MasterCard. Lasting happiness comes from pursuing your purpose, learning, exercising, appreciating your loved ones and enjoying art.

Saving money immediately also allows you more choices afterward, because it gives you a back-up plan just in case you would like one. For me, I’m alleged to move to China in July to show there for subsequent two years. All signs point thereto still happening, as of today, but a niggling a part of my mind is worried that with all this uncertainty, I won’t have that chance.

I have already got enough put aside to measure off for one to 3 years, counting on where I spend my time. I won’t need to sell any of my investments, which have lost value thanks to the market’s recent volatility. While I do not know that this may fix all my problems, it certainly helps me sleep better in the dark knowing that I will be OK for the foreseeable future.

The other great reason to save lots of money immediately is to require advantage of investment opportunities later. Stocks, bonds and land are priced quite high in many markets round the world. After a panic sell-off, if you’ve got outsized cash position, you’ll be during an excellent spot to take a position when things are cheaper. because the old expression goes: “When there’s blood on the streets, buy property.” people that survived the last crash of 2008 are people who bought when the market was low and gained an enormous amount in those following years.

While it is vital to remain informed on this rapidly developing situation, obsessing over it’ll only increase your anxieties. When you’re anxious, that’s where advertisers want you, because you are not thinking clearly or logically. You’re more likely to shop for their products, albeit you do not need it or can’t really afford it.

That’s one more reason to undertake to seek out activities that keep you from focusing exclusively on the risks of an uncertain world. Saving surplus money or finances can currently benefit us in multiple ways. Storing in your surplus money can benefit in a long run.



Abdullah Al-Tuwaijri, BLME’s Board Member.
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