What The Pandemic Taught Us About Finances

​Hi there readers and welcome back to Hoods Tax’ blog! We’re so grateful to have you here, and we’re excited to share with you some helpful information to make your wallet (and savings account) happier. Now that the world is opening back up and life is seemingly more normal now than the previous year, it’s a good time to reflect on the lessons the pandemic taught us in ways to be frugal and thoughtful with our finances.

It’s about to be the heat of the summertime! Weather is warming up, water parks and beaches are preparing for the oncoming waves of tourists and locals seeking refuge from the heat, and more families are spending time together as schools let out and vacation time sets in! It’s our favorite part of the year, but for our budgets it can get pretty tight. It’s easy to spend money when you’re having a good time, so we want to make sure to remind you of a few lessons to hold on to from the pandemic itself that would be wise to carry over into the summertime activities!

Plan For Your Future
During the pandemic, 1 in 5 people started investing and planning with the stock market and savings. With time to spend online and seeking for something to take it up, many saw an opportunity to learn about something that seemed exclusive to specific crowds of the elite business minded: Stocks. Though fluctuations did occur because of both the ‘temporary crowd’ and those who were genuinely educating themselves on the stock market’s methods, more and more people started to stick around. The education and knowledge focused on investing and planning for the future made an impact. 

The pandemic showed up and disrupted all of our lives for over a year and a half, and many experts say that our concept of normalcy has been entirely shifted because of it. The same occurred with the Spanish Flu during 1918; our civilizations concept of normalcy shifted then as people became aware of how easily airborne illnesses could spread, and ways to limit exposure were discussed while a vaccine was created. As a simplified summary of one of the change reactions that occurred during the pandemic, as the public were recommended to quarantine and limit exposure with the ‘outside world’ businesses saw fewer customers. With fewer customers, job security became unstable as businesses started to ‘cinch their belts’ when funding became too tight. This instability opened many people’s eyes to the realization that anything can happen in our lives, and the importance of having a savings or investments account became significant. Saving and investing in your future is incredibly important, and is one of our highest recommendations for your financial success. 

How are you planning for your or your family’s future? Do you have a savings or investments account with your bank? Or are you learning more about stocks to be active in the market? These are things we want you to consider as a well learned and reminded lesson from the pandemic itself!
Explore the Outdoors and Low Cost Activities
Okay, we hear you. People have been saying ‘go outside and enjoy nature’ for years, but there’s a reason for it! Spending weekends or vacations at attractions around town can really add up to make a decent hole in your pocket. Museums, aquariums, movie theaters, shopping malls, vacation trips, waterparks, and other types of business set activities are definitely fun highlights for the summer but if done often you’re going to run out of budget fast. So, why not enjoy what’s at your disposal and within arms reach on a typical day? Local parks, beaches, outdoor performances, bookshops or libraries, and even just a sunny walk through town are great ways to spend a day with a low budget.  You may find something new and exciting to take note of for another day trip, or develop a new hobby to satisfy your free time! 

During the pandemic, many people resorted to outdoor activities or things that operated on a smaller crowd scale to limit exposure. Social distancing took into effect and many chose to reconnect with their own piece of nature at home in their back or front yards, or local resources such as parks or beaches. We want readers like you to keep that connection because it’s not just healthy for your mind and body, but helpful for your wallet! Keep up those behaviors and explore the outdoors and your local activities with your friends and family to give yourself a low cost option when money gets tight.
 
Do you have a favorite outdoor activity or local, low cost activity you’d like to share with our readers? Feel free to comment below and share the information with us!
Meal Prepping
Home cooked meals are always known to be generally healthier than eating out, but we all certainly did a LOT of it during the pandemic. Some prioritized orders through delivery apps like Uber Eats or Grubhub, but that option only lasts for as long as your funds do- and those delivery fees add up quickly! To save yourself some extra cash, keep the practice of meal prepping and preparing your next day’s lunch ahead of time! You’ll find that not only will your health and energy typically improve, but you’ll be more adept at retaining your budget and applying your funds wherever they’re best suited. A great way to start meal prepping is to start small by cooking an additional meal with your dinner the night before. Pack up that extra meal for your lunch the next day and set it ready to go within your fridge! Take that lunchbox with you to work or your daily adventures in the morning and you’ll be less likely to purchase food out and dig into your wallet! 

Some people may prefer to meal prep an entire weeks worth of meals ahead of time, but everyone is different! If you’re looking to cut down on your ordering in or eating out, we highly recommend doing a bit of research into popular meal prep methods to save you the extra cash.

Did one of these ‘pandemic’ financial lessons make an impact with you and your planning for the upcoming week? We really hope they helped!

We know that the pandemic changed many things for our lives and the way we live them, and now that things seem to be levelling out more in public as the vaccines take effect and people become more conscious, we wanted to give you some food for thought about your money spending habits. It doesn’t hurt to look back at how we handled money or were caught by surprise with a lack thereof when things changed, so be prepared and thoughtful with your funds! Either of these three methods are guaranteed to help you rearrange your budget a bit more, and the end result will leave you feeling more confident and responsible! 

What did the pandemic teach you about your finances? Do you have any words for the wise you’d like to share? Feel free to comment below and let us know someway the pandemic shifted your focus on money. We'd love to hear from you!

Until next time readers, we hope you have a wonderful week and you’re being thoughtful of your funds! If you need any assistance with your taxes or accounting, be sure to contact Hoods Tax and Accounting of Goose Creek today, we’re here for you!

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