In March 2020, life as we knew it screeched to a halt. For a long time, people would say, "When life gets back to normal..." But I think now, over 15 months in, we know our lives will permanently be altered by the COVID-19 pandemic.
Some changes were good and some were bad. But as with all situations, we must reflect on what we've learned. I'd like to talk about how our values might have changed or solidified during the pandemic and what that means for our finances.
Pandemic Lessons
The pandemic forced us to slow down and reevaluate our lives and the living situation of others.
We spent more time with family, missed family and friends whom we could no longer see, stopped traveling, worked from home, and appreciated the frontline workers and those in the service industry.
But we also saw women struggling to balance childcare and work, the healthcare disparity for those in the BIPOC community, people who couldn't pay their bills, supply shortages, people whose mental health deteriorated, and a rise in domestic and child abuse.
What Can You Do?
We believe that values determine what is most important to our clients and are the basis for a fulfilling life. A way to clarify your values is to get curious about what's behind some of your life choices. For example, an underlying value of avid savers may be either freedom or security.
At Ella Financial Advising, we always encourage our clients to dig deep and assess their values. So, I'll ask you the same thing. What are your values?
Once you've established those, you can begin to make decisions about how you allocate your time and your resources, and one of those resources is your money. It can be used to support your values and to help change the world or create the world you'd like to see.
Values-based budgeting
You can spend with intention and align your spending with your values
When you are making purchases, take a minute to make sure that you are spending in line with your values
Values-based investments
There are many ESG, socially responsible, and impact investment options that you can invest in which will support your values and support people and the planet
Non-traditional investments
You can use non-traditional investment methods to more directly impact communities and the environment
Philanthropic giving
You can allocate money or stocks to the nonprofit organizations of your choice
Together, we can support the change we want to see in the world.
The Sweet Side of Finance
Tune in to the blog at the end of the month for my latest recipe (which my newsletter readers already know about).
Since we're talking about values, I'm trying a new recipe that requires a choice based on those values!
Stay tuned!