COVID’s Financial Impact

 

In general, COVID has created a massive impact in all aspects of our lives. Things changed and some are drastic than the others.

The ways of working have changed to be more flexible. We’ve seen the restrictions and easing out of travel. But the most evident that most economies have felt is the exponential growth on inflation that has led to countries and its fellowmen succumbing to difficult times.

It has come to no surprise that that this would happen after the massive lockdowns and the world coming to a halt to mitigate the measures needed to contain the wildfire of pandemic. But now, after three years, the repercussions and effects are felt in our day to day lives.

Inflation from transportation to commodities which escalates to almost every basic need we have. But what can one do in these trying times? I have been one of those that has massively had to hold on to different investments even if it has been bleeding throughout the lockdown. What I have come to realize is we can still do so much more when we research and try to find workarounds that can help our situation. There is always a light at the end of the tunnel, they say. I say it’s true for the most part because what can we do but try the best we can moving forward.

One of the websites that has given some insights is savingscalculator.org. It maybe using a different currency but the calculation figuring compound savings is the same everywhere. In the platform, you can see the growth table to savings over time which comes in dire need during these trying times. If before, we spend and not think about it because at the end of the day, you have something left to save. Today, you must spend and allocate funds wisely so as not to go beyond what we can afford and stick to the necessities of life. Of course, we can splurge and enjoy occasionally, that’s why we save because we want to do so in the future or the perfect timeline to not be broke doing so.

The balance to saving, spending, investing, and treating ourselves now and then is the key to overcome our ever-evolving circumstances. Ensuring that we have something during our sunset years. What I like in the platform is not only does it cater savings but retirement as well, which for me is quite important to plan ahead because most do not take advantage one of the crucial factors which is time to grow savings and investments.

 

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