Three Simple Money Principles To Live By

By now everyone in the UK must be aware of the government’s public health message, designed to help manage the COVID-19 outbreak:

STAY HOME | PROTECT THE NHS | SAVE LIVES

With a handful of exceptions, it seems that most people are adhering to this advice. What makes it such an effective message is it’s very simple and clear. In addition, ministers and their advisers constantly repeat the message at every opportunity. I estimate that I’ve heard the message at least 100 times over the past few weeks.

The principle aim of this advice is to reduce opportunities for the virus to spread through the population, and so avoid the NHS being overwhelmed and causing even more people (not just those with COVID-19) to die. The early signs are encouraging, so let’s hope the daily sacrifices we are all making to our lifestyles leads to a favourable outcome for all our sakes.

Financial help is at hand

I appreciate that many people are experiencing extreme financial difficulties and facing a bleak immediate financial situation. But there is a lot of financial support available or on its way to help alleviate financial hardship.

One of the very best sources of information on COVID-19 related money support is from Policy in Practice. The COVID-19 part of their website is a great resource on state financial help. If you can’t find the answer to your question, you can post your question and one of their benefit experts will give you a personal reply. To date they’ve answered nearly 1,000 questions.

The three essential money principles

When we eventually get over the COVID-19 crisis (and we will get over it), and in line with my previous blog of learning from previous mistakes, you might improve and maintain your financial wellbeing by constantly reminding yourself of three essential money principles:

SPEND < THAN YOU EARN | SAVE THE DIFFERENCE | AVOID DEBT

Although few people could have anticipated a global pandemic and the resulting negative impact on economic activity, if they had taken daily money decisions on the basis of these three simple money principles, they’d probably be in a far better position to weather the financial fallout.

But I’ll leave government minister Michael Gove to repeat those three money principles. Because we know, a message might be simple and clear, but repitition is the mother of learning.

Warm regards

Jason

Source: Image taken from BBC video still of COVID-19 press briefing, reimagined and amended by Jason Butler