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Louise McBride: Financial lessons that we can learn from times of adversity

Louise McBride


Lessons from the Spanish flu and other crises could stand to us throughout Covid-19, writes Louise McBride

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Mason jar full of tossed coins. This illustration is a metaphor for financial saving. 3D render.

Mason jar full of tossed coins. This illustration is a metaphor for financial saving. 3D render.

Mason jar full of tossed coins. This illustration is a metaphor for financial saving. 3D render.

It's just over a month since the first case of Covid-19 was confirmed in Ireland. The challenges faced by this country and its citizens since have been unprecedented. Like other crises which have hit this country, this emergency will pass in time. When it does pass, it is important that we learn from it. Given so many of us have lost money since the crisis hit, what are the financial lessons which can be learned from this - and other pandemics?

Always have an emergency fund

You should always set aside some savings to tide you over at times of emergency, unforeseen problems, or when income is unexpectedly low.