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As the ball slowly descends in Time Square and the massive gathering counts down the seconds to the arrival to the New Year, fireworks fill the sky and the jubilant crowd make their resolutions. Beaming with happiness at the moment, neither I nor anyone else in attendance could have imagined what 2020 had in store for us. With the celebrations over and resolutions made, January was off to a good start but as the final weeks of the first quarter neared, there was a slight shift in the social consciousness. I notice some Americans began murmuring about a mysterious virus that was wreaking havoc in Asia, China specifically. Nonetheless, I paid very little attention to this news and kept on course with my daily life. Howbeit, it wasn’t long before the virus found its way across the ocean and onto the North American continent. Then came March and the news reports that the coronavirus had infiltrated our homeland and was spreading rapidly. Suddenly everything came to a halt and like the majority of Americans, I was caught flatfooted. Schools and businesses began closing, hospital admission spiked and people started panicking as the country’s economic forecast was looking bleak. It was at this moment I realized the paramount importance of money and having my finances in order if I was going to survive this ordeal.

Even though I was never a spendthrift, I can say with all that has happened, this year has taught me some very valuable lessons about money. Among them are (a.) the need to save/invest more aggressively, (b.) the importance of having an emergency fund, (c.) spending frugally regardless of resources, (d.) be creative, aim to have multiple sources of income, (e.) exercise generosity whenever possible. Now that we have identified the lessons let me expound.

In previous years I would be nonchalant when it comes to saving and investing. Now, I have adopted a strict 50/20/30 method of budgeting my salary, this entails fifty per cent (50%) being allocated to needs, fix cost items such as a mortgage, car insurance, utility bills etc., twenty per cent (20%) for wants (personal desires) and the residual thirty per cent (30%) to savings and investments. From the portion allotted to savings ten per cent (10%) is placed in an emergency fund. This fund is used for those instances where money is needed for an unforeseen expense like home improvements or repairs to my car. This can also help offset some of the fix cost items in the event of me being furloughed from my job.

When making personal purchases such as an item of clothing or even grocery shopping, I try to avoid impulsive buying by sticking to my list and staying within budget amidst finding the best deals. Where possible use credit cards that offer cash-back rewards. These frugal practices may not seem like much initially but those small savings add up in value over time.

The coronavirus has severely impacted millions of Americans over the past eight months, many of whom are now unemployed without any financial support or safety net. Fortunately, I work in healthcare which allows me to remain employed, rhetoric not many working-class American can utter. Regardless, I will not allow myself to become complacent in this position as uncertainty looms over the economy. If there was ever a time to start creating new streams of income, the time is now. According to the great Chinese military general, strategist, writer and philosopher Sun Tzu, “In the midst of chaos, there is also opportunity” hence, while the situation may appear daunting in these trying times we must search for the opportunities to offer or create products and services that will increase our earning potential. I have been looking into several business ventures and investment opportunities.

Finally, one of the biggest takeaways of 2020 for me is the importance of being selfless and amplifying my philanthropic effort towards others. While the country has been hard hit by the pandemic, not everyone was financially impacted equally. For those people like myself who still have an income I strongly believe it is our civic duty as citizens to help those who have suffered or struggling to make ends meet. That assistance can come in many forms. Whether by donating to an organization, a local food bank, paying a bill for someone, lending time to a national cause or just watching the neighbor’s kid if they can no longer afford daycare but still has to work.

In conclusion, while it’s unfortunate that our country is in this crisis and many were caught unprepared. I am also appreciative of the lessons learnt that has given me a clearer vision, setting me on a better path to managing my finances. It also taught me that while money is necessary, nothing is more important than human capital and the support of family. I am now more compassionate to the plight of others as money or the lack thereof affects everyone’s wellbeing, regardless of class, color or creed. If everyone extended a gesture of kindness to someone else nothing would bind us more as a nation as we work towards common goals such as financial literacy and lift ourselves out of this economic lull.