The COVID-19 pandemic shook up everyone’s everyday life, especially when it comes to finances. Over the past year, many people’s lives turned completely upside down, putting them in tough and sticky situations relating to their careers and their incomes. If there is one thing that the pandemic has taught everyone it is to expect the unexpected. From a financial and budget perspective, there are some key lessons that everyone should take into consideration and learn from moving forward. Check out our top 3 financial lessons from COVID-19:

1. Always have an emergency fund. People always talk about the importance of saving your money, but what many people forget to consider is an emergency fund, which comes in handy if you suddenly become ill and have to take off work, or if you end up losing your job and face unemployment for a few months – or even a full year. Your emergency fund should have enough in it to help you cover your mortgage, utilities, car payment, groceries, and other daily necessities at least for a few months.
2. Keep credit card bills down as much as possible. Make sure that you are cognizant of spending within your means. If something totally unexpected comes about, you will not need to worry about how you are going to pay off your debt. When it comes to credit cards specifically, if you are unable to pay in full each month, the interest can add up fast and will become completely overwhelming.
3. Prioritize retirement savings or other types of buffers. It is important to make sure that you are treating yourself every once in a while, with a fun night out or new piece of clothing, but overall, you should prioritize financial buffers such as an emergency fund, or your retirement savings. You will thank yourself in the long run!