It’s just over a month since the first case of Covid-19 was confirmed in Ireland. The challenges faced by this country and its citizens since have been unprecedented. Like other crises which have hit this country, this emergency will pass in time. When it does pass, it is important that we learn from it. Given so many of us have lost money since the crisis hit, what are the financial lessons which can be learned from this – and other pandemics?
You should always set aside some savings to tide you over at times of emergency, unforeseen problems, or when income is unexpectedly low.
“If there’s one financial lesson you should learn from the coronavirus crisis, it’s that it’s always important to save money – and to know that things could go wrong at a moment’s notice,” said Tony Foley, emeritus associate professor of economics at Dublin City University (DCU). “So don’t expend yourself and don’t assume that everything will always be rosy.”