How the Coronavirus Can Actually Help You Develop Healthy Financial Habits

The coronavirus has harmed a lot of people financially – from business owners to restaurant workers to students about to enter the workforce. Though the economic outcomes of the coronavirus outbreak have been overwhelmingly negative, there are still lessons that can be learned and habits that can be developed to benefit your personal finances in the long run.

The great thing about free markets is that there is nearly always a market alternative, so in times like these, where certain items are scarce and businesses are closed, people who embrace market alternatives and their entrepreneurial spirit can actually better themselves along the way.

Learning to cook: With restaurants shutting their doors and people sheltering themselves in their homes, people are turning to their own kitchens more often to feed their friends and family. Fortunately, whipping it up in the kitchen can not only help people maintain social distance, but it can help people develop financially healthy skills and habits. Honing your home-cooking skills is a great way to cut down on the amount you spend eating out or ordering in. 

Reducing meat consumption: If your grocery stores look anything like the mine, the meat section is scarce pickings. At least for me, the lack of meat has had me flexing my creativity muscle with vegetarian dishes. While you may not think of them very often, there are definitely nutritional alternatives and market alternatives to meat. Foods like lentils, quinoa, and chickpeas are all great alternatives to animal proteins that cost less. Uncooked ground beef, for instance, can cost over $4/lb while uncooked lentils are often less than $1/lb. Plus, ground beef shrinks when cooked while lentils more than double their size after cooking. Getting in the habit of swapping animal products for low-cost plant-based proteins can help you save money (and increase your fiber intake) in the long run.

Going out less: Shelter-in-place orders have made it easier than ever to stay home – whether you want to or not. The upside of that is the savings you can accrue from going out less often. Making a habit of having drinks at home instead of hitting the bar can save you more than you may realize. Bonus tip: the cost per serving of liquor is often less than wine or beer. Learning how to make a good gin and tonic or vodka soda at home can save you hundreds per year. 

Reducing consumption of disposable products: You may be thinking twice nowadays before you use a paper towel. Heck, you might be completely out of paper towels and exclusively using hand towels by now. While it is certainly less convenient, reducing your consumption of disposable products like paper towels is good for your wallet and also good for the environment. You can swap out paper towels for washable hand towels, plastic wrap for beeswax wraps, plastic straws for metal straws, and so much more. Not to mention, next time the store is running low on paper towels, you won’t even have a second thought.

As the saying goes, necessity breeds creation. The coronavirus has presented us all with a lot of hardship and heartache. But with an entrepreneurial perspective, you might just find that some good can come out of it as well. That is if you are willing to make lemonade out of some very unattractive lemons.