The coronavirus pandemic has led to a wave of scenarios, terms and habits. People are singing ‘Happy Birthday’ while washing their hands, self-isolating and avoiding the great outdoors, partaking in numerous challenges, all while trying to stay sane amidst the panic.
It’s a pretty weird time for everyone, and it could lead you to pick up some bad financial habits which might be challenging to drop when all this is over. These are the habits you should try to avoid:
Okay, you’re isolating, and you’re trying to avoid running out of snacks and home essentials. That’s great, but it’s super important to avoid buying out of panic. You could end up spending more than you should and leaving others without items to stock up on. Make a list of what you need and allocate an amount to it to keep you disciplined.
Boredom could lead you to buy things online even when you don’t need them. Don’t spend hours on ASOS, Zara or Jumia, so you don’t end up buying things without thinking them through first.
Sabotaging Your Financial Goals
You might think the world is ending, so there’s no point investing or saving anymore- leading you to stop. It’s essential to avoid crashing your financial goals out of fear of short-term circumstances. Keep saving and investing, dears.
Neglecting Automated Payments
This is majorly for health reasons. Avoid withdrawing and handling physical cash as much as possible. Money tends to carry germs–due to handling and exchanges from one person to the other–and you don’t want any of those in this period, do you?
Giving Out Money Indiscriminately
It’s a great time to be generous and kind, but it’s essential to do so wisely. Don’t give out more than you can, so you don’t end up regretting it later.
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