Getting through the tough times

This year has shown that even if you are the best planner, there are some things you cannot account for. Workplaces ranging from commercial to retail were required to restructure their business models. Most restaurants were only able to offer delivery services, but very few establishments were not able to adapt their business models to go online.

With the majority of people affected by the sudden lockdowns, disruptions to products and services have had an immediate impact on cash flow, and many operations were stretched for cash, resulting in countless job losses over the previous year. Financial worries have impacted the spending pattern of many, from grocery bills, housing, utilities, and other essentials as unemployment increased in the past year.

While being negatively affected seems to have been the major shared consequence of the pandemic, some may have found that they saved money due to having to stay at home. Travel cutbacks, in particular, kept substantial amounts of cash in people's accounts. As if to combat this, the accelerated technological developments have birthed new apps and services for a variety of purposes; such as meditation and weight -loss programmes designed for people with plenty of time at home.

We have observed many taking precautions to protect their financial health , with many what-if scenarios playing in the background. It was once advised to have three to six months of income saved in an emergency fund. The pandemic has changed the paradigm, shifting the benchmarks from six months to a year. Another way to protect yourself is through purchasing insurance-backed goods that can assist in times of need, such as medical emergencies.

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