5 Things The Pandemic Taught Me About Money

If you’re like me, then the last almost 2 years has been rough to say the least. Personally, I spent 14 of those months on a remote assignment providing 24/7 on-call surgical care in the middle of nowhere as the only surgeon available. Being away from my family, friends, home, and the comfort of my life bubble would have been hard in normal times, but was hell during a pandemic. However as with any adversity I’ve gone through in life, I’ve learned to learn from the experience to better myself.

Over those 14 months, I had to learn to live in two places at one time. To do so effectively, I had to manage my mindset while changing my expectations on how my money should be utilized. As I reflect on that time, I decided to share 5 Things The Pandemic Taught Me About Money.

1. Budgets don’t like Black Swans

The pandemic caused supply line constraints, leading to increased costs in things as simple as a case of bottle water. Because of price fluctuations on everyday goods, I learned to relax my budget to manage things like grocery shopping for two drastically different locations.

Remember a budget is a rough guide or plan on what you should do with your money in an ideal environment. Meaning if everything went well, then your budget is the recipe on how to survive each month. However there is no plan for a Black Swan event. Thinking of your budget as a living document and learn to react on the fly will serve you well in times of uncertainty.

2. Financial Goals >>> Budget

Being away for 14 months didn’t mean life for my family became frozen in place. Life always goes on whether you’re there or not. The stress from the pandemic was at times compounded by stress I caused trying to stick to a budget that was created for a pre-pandemic environment. Once I realized that I was causing this added stress, I took a step back and looked at things from a larger perspective to gain some clarity.

The pandemic wrecked my budget but somehow my family remained on track with our financial goals. This realization allowed me to decrease the amount of stress I felt regarding money while away.

3. Budget breaks are okay.

Budgets can feel safe if you’re like me and come from poverty. However they can also be a self-imposed jail if you aren’t careful. My budget at times during the pandemic felt like that, so I learned to take breaks and let the money dictate itself. Not following the budget for short period of times was extremely liberating and brought more enjoyment with each payday.

So don’t be afraid to give yourself a break if you’re feeling the budget stress.

4. Money anxiety is common.

Anxiety is a normal reaction to anything that is unexplained. Anxiety disorders, meaning a pathological increase in the amount of anxiety you experience, are the most common mental illness in the U.S., affecting 40 million adults in the United States age 18 and older, or 18.1% of the population every year. Money anxiety or financial stress occurs in us all at some point in time whether we realize it or not. The key is to address what is the underlying cause of the anxiety and get to the root of the issue.

During the pandemic, my money anxiety came from the unknown. I never knew what was going to happen next. I had to use faith to make big purchases and trust that I was making the right decision, sight unseen in some instances. Once I learned to trust more, that anxiety began to dissipate.

5. You only live once, so spend some money.

I’ve written about my Mother before but knowing that she died at an age that is 10 years older than I currently am, is sobering. The pandemic forced me to face my mortality and I decided to make some changes.

My addiction to saving, which was born out of a fear of poverty is not good. Saving and investing is a tool to achieve a financial goal. That goal or goals are what is important. The FIRE movement will have you believing that getting to that goal (in this case retirement) as fast as possible is the best answer. Well I don’t think that is true.

Life is too short to scrutinize every penny. Spending money on experiences with family and things you enjoy is just as important as saving in my opinion. None of us know what the future holds, so don’t deny yourself an opportunity/experience just to save an extra $100. The pandemic taught me to stay on track with my goals and enjoy the fruits of my labor.

So there you have it, my 5 Things The Pandemic Taught Me About Money. What did the pandemic teach you? Hit me up on Twitter (@FiSurgi) and let me know.

As always if you have questions or concerns regarding creating an emergency fund, investing, real estate, insurance, or planning for the future, don’t be afraid to speak with qualified financial advisor. Smart Asset has a great tool to find an advisor in your area or feel free to email me (contact@surgifi.com) to help you on your path to financial independence.