Smart Ways To Manage Your Family's Resources During COVID-19

We're living through unprecedented times. Except for a few elderly individuals, most of the population has never lived through a major viral pandemic, and most of us don't know how to react. That has led to a lot of panic, a lot of hoarding and a lot of out-of-character behavior for many people.

In an effort to help everyone stay calm as we ride out this crisis, here are some smart ways to manage your family's resources as we all learn to navigate this new normal together.

Don't Hoard Anything

When the virus first started to make the news in February and March, the general public went mad and grocery store shelves were quickly emptied of everything from toilet paper to baking yeast and everything in between. People panicked, and those who couldn't afford to stock up were left scrounging to try and find enough food for their families for the week.

Now, grocery stores are fairly well-stocked again — though you still can't find a can of Lysol for love or money — but that hasn't stopped people from buying a lot more than they need. Don't hoard, especially if you're stocking up on perishables like meat, dairy or produce. Instead, focus on using what you have on hand and only make trips to the store to restock things that you've used up.

Stay Home as Much as Possible

Many states are starting to look into ways to slowly open businesses back up as their 30-day stay-at-home orders start to expire. However, that doesn't mean it's safe to head back to the gym or your favorite restaurant. This is especially true if you're high-risk or live with someone who would be at risk if they came into contact with the coronavirus.

The best way to manage your resources is to stay healthy, and that means staying at home as much as possible, washing your hands frequently, maintaining social distancing and wearing a mask when you have to make a trip to the store. If previous pandemics are anything to go by, opening things up too soon is going to lead to a dangerous resurgence of the virus. The longer we stay home, the better off we'll be.

Assess Your Living Situation

Now is a good time to assess your living situation and see if you're making the best use of your resources. In the short term, renting a property can be more cost-effective — but if you're planning to stay in a home for more than a few years, the best option might be to consider purchasing a home instead.

If you're home due to the pandemic, owning your own property also means you've got plenty of time to start those renovations that you've been planning but haven't had the time to carry out. Just make sure you're confident in your DIY skills — you might find it difficult to find a professional contractor to fix your mistakes if something goes wrong.

Save Where You Can

With so many people out of work right now, the idea of saving money for a rainy day might seem like a terrible idea. Remember, though — no one has any experience with these kinds of events. Even if you're working now, that might change in the next week or the next month. If it helps, think of your income as another resource to manage. Save money wherever you can.

Cook at home instead of ordering takeout. Use streaming services that you're already paying for rather than buying new movies. There are corners you can cut nearly everywhere if you're willing to look for them. You're not just saving for an emergency anymore. You're saving for a variety of what-ifs — like "What if I get sick?", "What if my job closes their doors and I don't have any income?" and "What if something else goes wrong?" Save for these what-ifs and they'll never be able to sneak up on you.

Stay Informed

Finally, the best thing you can do when you're trying to manage your resources during this pandemic is to stay informed. Stay aware of the number of cases in your area and the precautions that officials are suggesting to keep yourself safe. These can change from day to day, so make sure you're staying updated.

This is also a good time to start networking with your neighborhood and the people in your community. You can stay in touch even if you're not allowed to gather in groups or get within six feet of one another. Not only can community members be a fantastic resource for information, but they can also be a way to stave off loneliness, especially for those who might live alone during this trying time.

We'll Get Through This

Living during a pandemic is stressful for all of us. The most important thing to remember is that we will make it through this. Take things one day at a time and be smart about the way you manage your resources. Eventually, this too will pass.