2020 – What We Learned

By Linda Jacob, AFC®, CFP®

The year is almost over!  So many of us are looking forward to 2021 after making it through 2020.  But as we look back, there are several things that we can look at and say, “I learned from that, so it’s made me better moving forward”.

#1 – An emergency savings account is a must!  During the lockdown, and even now, so many people lost their jobs or were put on reduced hours.  Sure, the stimulus helped, but it didn’t continue even though all the closings did.  Learning the importance of having an emergency savings account can come at a hefty price, but moving forward, it’s a valuable lesson.  I’m betting more Americans will have and keep an Emergency Savings account moving into 2021.

#2- We can live on less!  Before COVID-19, we ate out, we shopped, even if it meant putting it on a credit card because we didn’t know that there was another way of living.  Now, after 2020, when we were forced to change our ways, many of us learned to cook at home and socialize over a puzzle or a Zoom meeting.  This came with a huge savings for many people.  When we no longer would hit the mall on the weekend because it’s what we always did, that came with a huge savings as well.  Sure, online shopping increased, but shopping is no longer a social event.

#3-We learned what’s truly important!  We miss our families.  Not being able to celebrate all the holidays with our loved ones.  No amount of money can buy a hug and kiss from our parents, children, or grandchildren.  I think most of us would trade going out to eat or buying the latest gadget just for hug from our family.  Let’s not forget that in 2021 and put our priorities in order.