3 Ways to Change your Money Thinking after COVID-19

Category: Manage Finances

There is no doubt that COVID-19 has forever changed the way we live and think. Most of us now have accepted that some things will never be the same, and the new normal includes more change and more flexibility in how we live our lives.

And, of course, one of the biggest things that have changed since the virus began is the way we view and use money. While so many have lost their livelihoods and are suffering real financial hardship, others are worried about future income and what the world will look like even once a vaccine is found.

When it comes to money, no matter what position you are in, it is good to change your thinking and attitudes now, to prepare for whatever comes next. Here are three ways to think about your money in the new world we are living in.

1. You have enough.

You don’t need those new shoes, clothes, camping equipment, or whatever else it is you have been looking at. If you think about the fact that all of your possession used to be money, have a look around your home at all the things you have that you don’t use, or would rather have the money back on. Now is a time for less rather than more. Make use of what you already have and turn off apps and social media if it makes you want more.

2. Cash is king.

You need savings for security. It is no longer enough to have a credit card for emergencies. You need cold hard cash. Which may mean selling things you no longer need, or not going on dinners out and holidays, in order to save. Whatever you have to do, get yourself a cash savings pot and guard it. If these times have shown us anything, it is that change can come at any time, and you need to be prepared.

3. Get rid of credit and live in the cash economy.

No more buying things on AfterPay and lines of credit that you need to pay back. If you don’t have the cash for it, don’t buy it. I know that can feel harsh, but the harsher reality is spending years of your life working to pay back things you already have. Make sure you look after the future you as much as you of right here and now.

Sometimes it feels like most things are happening outside of our control. These three new ways of thinking, which I have adopted and are giving me peace of mind, can at least give you some control over your financial future, via the decisions you make right now.

Until next time,

Vanessa

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Each day I wake up excited to inspire everyday people to open up and take control of their money, regardless of their history, goals, or savings amount. About Vanessa >>

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Authors

Vanessa Stoykov

Vanessa has been passionate about writing and storytelling since her days of hiding under the doona with her torch to read after bedtime.
Kathy Skantzos

Kathy is a yoga-loving world traveller who also happens to moonlight as a business journalist and writer. She was the finance editor of news.com.au and the Managing Editor of CEO Magazine (Asia) before joining Vanessa and the evo squad.
Shayne Sommer

Shayne is second dan black belt in karate, and a budding romance writer with a difference. Why? Because she writes romance stories that always have a money lesson.
Antoinette Colbran

Specialising in stories for 50+ women, Antoinette draws from her own experiences to help other women avoid the pitfalls and see the benefits of understanding their money situation.
Michael Crooks

Michael Crooks is a more than 20 year writer and documentary maker who has worked with Time Inc and the BBC, who wants to expose the truth from real victims of financial crime to help others avoid their mistakes.
Kim Payne

Kim Payne has spent the past three decades as a speaker, trainer, business coach, and consultant in financial services. She has worked with and transformed hundreds of brilliant, educated, high achievers who are chronically under-living.
Rebecca Pritchard

Rebecca Pritchard is on a mission to help men and women achieve equality when growing a family.
Antony Perring

Ant is a writer, designer and business builder with a love of food, design and good living. He writes on food and money in an easy to do way.
Julie Hyde

Julie Hyde is a leader of leaders. A disruptor and a powerful people enabler who empowers leaders to make big things happen.
Joshua Pennell

As a Dad to four kids and a business owner, Josh is passionate about family and finances and is known as The Family Finance Guy.
Sid Lal

Sid is a serial entrepreneur who set up his first business when he was still in University. Since 2009 he has been heading Bruce Clay, first in India & more recently in Australia.
Lou Johnson

Lou Johnson believes in the power of sharing stories to build empathy, understanding and connection. Growing up surrounded by books and storytelling, alongside her drive to make a difference led her to a highly successful career in book publishing.
David Rae

Dave is a CERTIFIED FINANCIAL PLANNER® professional and has been a financial adviser since 2003. He works with a range of clients and has a strong focus on ethical and sustainable investing.
Natallia Smith

Natallia specializes in assisting pre-retiree single women—whether they are never married, widowed, separated, or divorced—understanding deeply the importance of financial stability during life's pivotal moments such as separation, divorce, retirement, and the loss of a loved one.
Mark Hoy

With over 15 years of experience in financial services, Mark established Wollemi Wealth Management in 2013. His business is built almost entirely on referrals and word of mouth — a testament to the trust, integrity, and long-term relationships he forms with his clients.
Derek Gascoigne

Derek Gascoigne is the State Manager for UniSuper Advice in Victoria and Tasmania. Derek has been with UniSuper for over 15 years, and his career in superannuation and financial services spans 27 years and counting.
Annika Bradley

Annika Bradley is Head of Advice Strategy, Research & Technical at UniSuper. She brings over 20 years of experience across investments and wealth management in both the public and private sectors.
Wayne Leggett

Wayne has been a recipient of numerous industry awards and was one of the first to qualify as a Certified Financial Planner (CFP). He has been heavily involved in industry affairs at the highest level, including serving as national president of the Association of Financial Advisers (now FAAA).
Conrad Francis

Conrad Francis is the Founding Director of Inspired Money, a Perth-based financial coaching and financial planning, mortgage broking and money coaching firm he established in 2011.
Andrew Beks

Andrew Beks is a Chartered Accountant and the founder of Simplified Business and Accounting.