#PINNED: Here is why it’s still prudent to save money in the time of COVID-19

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More than six months into 2020 and this decade is already turning out to be a series of unfortunate events. Halfway through the year and we’re already staring into an imminent financial disaster, the whole world, actually.

So, we implore you to resist the call of those e-commerce sites and actually plan on saving money. Because, we’ll never know. 2020 might still have a few tricks up its awful, awful sleeve. Now, more than ever is there a need to pinch our wallets and save, here’s why:

1. COVID-19 is here to stay

Photo by Hello I'm Nik ???? on Unsplash

LIke it or not, we’re not going back to our life four months ago. This virus outbreak has really flipped our lives. With everything from working from home to cancelled classes, and then to the community quarantines, it seems that the new”normal’s not going to be our favorite thing.

It’s been a hard couple of months, and if the projected vaccine isn’t going to come until next year, it’s not going to get easier. There’s been a decline in businesses with only a fraction of the usual workforce being allowed to go back to work. If you're working from home, good for you, but for the majority of our countrymen who can only rely on government aid these days, things don't seem to be getting better since cases are still going up. That is, despite what the government thinks of as a "victory."

2. It will take time for the economy to recover

Photo by Jp Valery on Unsplash

The past few months in lockdown really hit our economy. Businesses have suffered and closed because people weren’t allowed to go out. Your fave restaurants are on the brink of closing due to the limited patronage or are instituting more stringent safety emasures. A lot of our workforce have been cut and work from home is a luxury some people don’t have. Watching the news these days, you can really see the change this pandemic has done.

Economists worry that they might be a prolonged and highly violent recession even as we beat COVID-19. It will take time for the economy to recover fully and for some countries, it might never will. Suffice to say, the economic outlook is dire.

3. The future is uncertain

Photo by Jake Espedido on Unsplash

Saving for our future should always be our priority. We do not have any knowledge of what the future may bring. Who knows, maybe in the next few years another pandemic may occur, or a natural disaster like the Taal volcano eruption or a really big typhoon. We must always be ready and it’s good to have extra money set aside for emergencies like these.

Today, money is a necessity. We don’t have the freedom to splurge on things we don’t need. We have to think twice before we order new clothes on Shoppee or before we order our fave milktea. Small sacrifices like these will save us the trouble in the future. Saving for emergencies will reduce anxiety and stress when there is a need for that money. As the saying goes, hope for the best but expect for the worst!