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6 Takeaways From the Covid-19 Pandemic and How to Safeguard Yourself

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T he Covid-19 pandemic has taught us a few hard lessons like preparing in advance, persevering, and making wise decisions.

Over the last year, we’ve also discovered some harsh financial realities. The epidemic has taught us many things about money that we didn’t know before in its clinical and ruthless way.

Don’t allow these difficult lessons to pass you. The most brilliant move you can do is face these realities head-on and take concrete, proactive efforts to reduce your debt, lower your bills, and ensure your financial future.

Here are the harsh financial realities we discovered in 2021:

1. Keep a Backup of an Emergency Fund During Covid-19 Pandemic

Last year has taught us the significance of an emergency fund in a brutal way. You’ll never know when you’ll face another calamity or can lose a job.

Also, you’ll need a place where you can safely store your money while still earning interest on it. You’ll find nothing in a safe zone or under your mattress, and a standard savings account won’t help you much either. (Ahem, 0.06 per cent these days is nothing.)

However, with the Aspiration debit card, you may earn up to 5% cashback and up to 16 times the average interest rate on your money.

Enter your email address below to sign up for a free Aspiration Spend and save account. After confirming your email, securely link your bank account so that they can proceed to assist you with a side gig. Your money is FDIC-insured. Military-grade encryption is used, which is nerd talk for “this is perfectly secure.”

2. Check to See if You Have Life Insurance; Rates Start at $5 Per Month.

During the COVID-19 pandemic, there has been a boom in interest in life insurance, as more Americans realize they will most likely need it. As per the stats, the Americans purchased approximately 10% more life insurance policies than in 2019 – it means we have witnessed the most indispensable rise in these two years.

Have you evaluated how your family will cope without any earning if you are no longer part of this world? How will your family pay their utility bills? Will it be feasible for you to manage the finances of your kids’ school?

Many people have been unable to visit a doctor for an in-person examination due to social distance mandates and fear of contagion. As a result, more consumers are looking for no-exam life insurance, such as the kind offered by Bestow.

Your application will take a few minutes, and monthly costs start at just $16. You’ll get inner peace of mind by learning that your family doesn’t rely on someone else for their survival and is taking care of themselves. Get a quote from Bestow about quick life insurance if you want to secure your today and tomorrow without appearing in a medical exam or getting up from your sofa.

3. Get Started Investing: This App Will Provide You With Up to $200 in Free Stock.

The year 2021 turns out to be a difficult one for many of us in a financial way. However, some people prospered as a result of their investments. Two examples: 

• A share of Amazon stock costs $1,900 at the start of 2021, and it will cost $3,250 by the end of 2021.

• A share of Tesla stock cost $96 at the start of 2020, and it came to $705 in the future.

A year ago, the most fantastic time to start investing was, and right now is the second greatest moment to start investing. You can begin investing with Robinhood whether you have $5, $100, or $800 to spare.

You’ve most likely heard about Robinhood. It appeals to experienced and novice investors as there’s no commission cost, and you can accordingly sell and buy the free stocks without any restrictions. It is pretty easy to use.

What is the best option? Robinhood gives you a free share of stock when you download the app and fill your account (which takes only a few minutes). As it is random, the cost of the stock may be anywhere around $2.50 to $200 – a perfect booster to your portfolio.

4. Maintain Track of Your Credit Score During Covid-19 Pandemic

In 2020, the pandemic may have reduced your credit score in several ways:

  • Late payments through any credit cards.
  • You’ve used up the majority, if not all, of your allotted credit.
  • You can’t make payments on student loans or your house as well. 

If there is mortgage which is federally backed or a federal student loan, you can instantly aly for a retard, but their is no cumpulsion that everyone is required to qualify it.

It’s also your responsibility to double-check that your halted mortgage and student loan payments are correctly reflected on your credit report.

A free website like Credit Sesame, which helps you check your credit, is a fantastic method to keep track of this. Credit Sesame displays your credit score, investigates your credit reports, and notifies you of any changes. It also demonstrates how to increase your credit score.

5. Seek Assistance, Even if You Don’t Usually Do So.

If you’re in a very desperate position, do something you wouldn’t typically do: raise your hand and ask for assistance. Sure, many of us would rather prefer not to ask for aid, but these are uncommonly times, and life is out of our hands.

If you have difficulty in making payments of the mortgage things, for instance, contact your lender. While foreclosures and evictions are now prohibited, Still, your accounts may be sent to collections, and you may face fines.

You may be required to prove being laid off or in need of financial assistance, but it never hurts to inquire about your alternatives.

You can use the same principle for your other costs, such as rent, utilities, mobile phone, and car payments. If you don’t ask, you’ll never learn the answer.

6. Never Pay Too Much for Anything.

Because our financial margins were so thin in 2021, not enough of us took steps to reduce our monthly expenses.

For instance, have you remembered the last time when you peeped into the vehicle insurance rates? You must compare your options every six months to check if you could save money or not. But let’s be honest. It’s unlikely that it’s the first thing that comes to mind when you wake up. Nevertheless, it does not have to be the exact way we want.

The Insure website compares vehicle insurance prices a breeze. Input your ZIP code and age, and it will show you your options — including discounts — in your region.

People who use Insure save an average of $489 each year. Yes just by taking a few minutes to consider your alternatives, you could be able to get $500 back.

Finally, there is much to be obliged for. When things are difficult, we must cherish the small things. A neighbour who posts signs in their windows, a long-lost friend who reconnects via video chat, or seeing a fresh flower emerge on a daily walk are all possibilities.

Even though things weren’t perfect during the covid-19 pandemic, we learned to look for the bright side. Feel no worries and stay healthy and happy during these tough times.

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"You must gain control over your money or the lack of it will forever control you."

Dave Ramsey

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