The Financial Impact of the Coronavirus on My Family and Ours
The coronavirus pandemic has shattered economic stability for many across the globe, and my family is no exception. As a Vehicle Diagnostic Engineer in Bangalore, I experienced firsthand the ripple effects of significant financial strain.
Financial Struggles and Savings
My employment in the computer industry led to significant financial hardships during the pandemic. In March 2020, when my company mandated work-from-home policies, my lifestyle underwent a dramatic shift. No longer commuting to an office meant no tolls and no petrol expenses. I went from buying lunches at the company café to packing my own meals, drastically reducing our food and peripherals expenditure. In the first year alone, my family saved over 600 dollars monthly, a substantial amount.
The savings didn't stop there. My employer extended the work-from-home policy, and my family benefited from this decision for an additional nine months. By the time the "corona" dust settled, we had saved over 9000 dollars, a substantial buffer in these uncertain financial times.
Post-Refinancing Impact
Our mortgage refinancing in November 2019 was supposed to be a lucrative move. However, due to the pandemic, we managed to secure a fully one percent lower rate than we initially anticipated. This minor but crucial saving will add up over time, providing a buffer for future unexpected expenses.
Major Expenses and Money Management
A big setback was the cancellation of a planned family vacation in 2020. The cancellation saved us over 7000 dollars, a significant amount of financial relief. Additionally, my employer provided a post-tax stipend of 1200 dollars to help with additional expenses tied to working from home. I made the wise decision to invest in a standing desk, spending just over 500 dollars on it.
Embracing Change and a New Life
It's crucial to reflect on the changes and pivots we made during the pandemic. I was caught off guard by my unemployment from my job in the automotive field. In a desperate move to support my family, I purchased a mini van to sell vegetables in my local market. Daily, I earn between 400 and 500 rupees from this venture. The income is a stark contrast to my previous 17.5 LPA salary, but it is what I can manage in the current circumstances.
Emigrating into this new business model was hard, but autonomy and self-reliance became a necessity. The laughter and criticism from the community were inevitable, but the financial burden of supporting my family couldn't be ignored. I find solace in praying for opportunities to return to my career in Bangalore, Chennai, or Pune.
As we navigate these challenging times, it's essential to recognize how the global pandemic has forced us to make significant life changes and adapt to new financial realities. Reflecting on these experiences can provide valuable lessons for future financial planning and resilience.