Our lives have been seriously affected by the COVID-19 crisis, not just in our jobs but also in our health. Due to the significant losses incurred during the COVID-19 Pandemic. Some firms have been forced to close temporarily, and some have even had to stop operations.
I resigned from my work to keep safe when the COVID-19 Pandemic struck. Since I have emergency savings, I am sure my family and I will survive this Pandemic. I had assumed that the Pandemic would subside in three to four months, but little did I know that it would continue until a COVID-19 vaccine was developed. My family and I had the vaccine shot after I saw on the news that the newly developed vaccine would minimize the symptoms once infected. After a month, I was lucky enough to find a great home-based job (Work from home). This Pandemic has affected and will probably continue to affect household and personal finances for years to come, regardless of the current, past, or future health effects.
Financial stability will always depend on having a spending plan, setting priorities, and using resources appropriately. There shouldn’t be any difficulty in achieving our savings goals, whether we’re saving for good or bad days. In all of our lives, money may be a cause of stress, and no matter how much we have, it never feels like enough. We are more likely to continuously save money over time if we have the skill to manage our money through diligent budgeting. However, it is normal for our savings goals to be overlooked when times are tough, or we come across something new and trendy.
This Savings Calculator https://www.savingscalculator.org/ piqued my interest as I searched online for a saving guide. Since many things, including the COVID-19 Pandemic, can happen now or in the future, I’m eager to save more money and earn more money. Although the Savings Calculator has several features, I am currently using the Savings Feature.
Its use of the US Dollar as a currency symbol initially confused me. Still, I soon realized that the calculation for calculating compound savings is the same practically everywhere, especially since the calculator supports several compounding frequencies. The Goals Feature is also interesting because it will help you calculate your Emergency Savings based on how much and long you want it. Savings Calculator is also fun and free to use!
Your savings may lose value over time due to inflation. You must save with the rising costs of tomorrow’s commodities in mind. When compared to today, a sum that seems large now might not seem so in the future. Having an additional investment cushion is advised. By doing this, you can be confident that your money will continue to be worth something despite inflation and time.
Thankfully, Savings Calculator includes the annual inflation rate in their Saving (feature) computation.
You can also try their Retirement Calculator to compute for your retirement savings here’s the link https://www.savingscalculator.org/retirement/
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