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Money lessons Covid-19 taught – heed them for a brighter, wealthier future
Covid-19 and the economic devastation wrought by the resultant lockdown has tough us many valuable money lessons.
Heed them, and your financial future will be brighter than it would’ve been if the pandemic never happened.
It’s going to take a while for our finances to recover – some people are starting over.
Arabile Gumede (in for Bruce Whitfield on The Money Show) asked personal finance author Palesa Lengolo (“Stokvels: How They Can Make Your Money Work for You”) for advice on recovering financially after Covid-19.
Don’t be hard on yourself when rebuilding your finances. Have patience and avoid desperation. Don’t get into wrong things to speed up the process.
Palesa Lengolo, author - Stokvels: How They Can Make Your Money Work for You
Lesson 1
We’re living too close to the edge – we haven’t saved for a rainy day, never mind the storm that inevitably comes.
It’s not only individuals – companies, governments and entire societies need to save more; they need buffers against inescapable calamities that are simply part of life.
You learned you should’ve saved more. You know now you will… even if you don’t have the same income as before. The most important thing about saving is the habit itself – even if you start with just R100…
Palesa Lengolo, author - Stokvels: How They Can Make Your Money Work for You
Lesson 2
Our interests are inextricably intertwined.
If one business fails, it reverberates through the economy.
We only have each other – we must collaborate and (apologies to Vanilla Ice) listen.
RELATED: Spar owner provides shelf space for struggling local stores and restaurants
Entrepreneurs are coming together, putting their financial resources together in order to stay up… Reach out, ask for help… If you make shoes, and you know another shoe manufacturer… you can collaborate… the pie isn’t too small… Explore working with others…
Palesa Lengolo, author - Stokvels: How They Can Make Your Money Work for You
For more detail, listen to the audio below.
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Highlights