Even if researchers look for a COVID-19 vaccine, the coronavirus is already permanently changing our world.
This is because important historical events always leave a legacy. For example, September 11th not only sparked a 20 year war on terror, it permanently changed the air travel experience, increased surveillance across the board, and changed the language we use.
Like September 11th, COVID is changing society. For example, a surprising number of banned Americans are willing to permanently end their commute and work from home forever. On the negative side, college enrollment is falling as people put their education plans on hold. Basically, they put the future on hold.
Here are four ways COVID is changing the way we think about the future, as well as strategies you can use to your advantage:
1. More young people are doing this to protect their families
With COVID, more people in their twenties, thirties, and early forties are thinking about their mortality. You start to wonder What would happen to my family when I was gone?
How would your family do without your income? Your checking account balance may not last forever. Now is a good time to get life insurance.
A life insurance search engine called LeapLife make it easy. In less than a minute, LeapLife will match you with personalized offers from many major insurance companies (including Pacific Life, Lincoln and Prudential).
And don’t worry about getting a ton of money. We’ve heard that users are being matched with offers that are lower than what they would pay for a streaming service (depending on health and other factors).
More and more of us are seeking the certainty that our families are being looked after. COVID has more of us buying life insurance – especially those of us under the age of 44. That group saw life insurance claims grow 13% year over year in the third quarter of 2020, according to insurance analysis firm MIB.
If you qualify, you might not even need a personal exam or medical records. You can complete the process completely online and receive your policy in just a few minutes.
Straight answer a few questionsChoose the offer that best suits your needs and complete it online in minutes.
2. It changes the way we work
COVID has locked down half of the world’s population. More and more Americans who have now proven that they can do their work from home are keen to continue working from home.
Now nobody says that offices will disappear. Obviously, once a COVID vaccine spreads and life returns to normal, large numbers of workers will return to their offices.
According to a new survey from Gallup, around two-thirds of remote workers now want to continue working remotely. That is a lot. Really a lot.
We’re just saying here that you keep your options open. Workplace experts predict that employers will generally be pushed to be more flexible in this regard.
3. Sacrifice our savings
Ouch, that hurts. Overall, a third of Americans say they have turned to savings or retirement accounts to pay the bills since the pandemic began. This is the result of a new poll by Pew.
This is to be expected as more than 20 million Americans have lost their jobs due to COVID. And hey, if you’re unemployed and need to dive into your food and shelter savings, we totally understand.
However, when you get to a point where you can work, it’s a good idea to start building your savings again. Which brings us to our next point …
4. People want a personal safety net
With millions of jobs lost, more Americans are realizing the need for an emergency fund.
Unemployment is one of the hardest things that can happen to you. For this reason, it is a good idea to set up an emergency fund equivalent to three to six months of your salary in the event you unexpectedly lose your job.
How can you do that Try the 50/30/20 budgeting method. Take all your after-tax income every month and divide it in half. This is your most important budget (50%). Take the rest and break it down into personal expenses (30%) and financial goals (20%).
Let’s sum it up: that’s 50% for things like utilities, groceries, medicines, minimum debt payments, and other critical expenses. Then there is 30% for fun, such as take away in Thailand or your Netflix subscription.
That leaves 20% for your financial goals, such as additional debt reduction payments (anything above the monthly minimum), retirement plans and investments – and that’s how you build an emergency fund.
Try to experiment with the percentages. See what you can save from your fun spending and invest in your emergency fund.
COVID changes our lives forever, sometimes in unexpected ways. You can also get strategic.
This article originally appeared on www.thepennyhoarder.com