We are a couple of months into the COVID-19 outbreak. This global pandemic has brought fear, sickness, and death to many. It’s on the news 24/7, and it’s hard to escape.
Yet, this is also a time to reflect on your life…to be grateful for all you have. I can’t help but think with all the devastation this virus is causing, there will be good that comes from it too.
I’ve been working remotely now for several weeks. This, in and of itself, is a blessing. I have about 2 to 2.5 more hours a day without my commute. I have lots of quality time with my girlfriend and our pets.
Cost Savings
The only bill that has gone up is groceries by a few hundred a month. But we have saved several hundred in dog walking, a couple hundred in gas, several hundred in restaurants, and likely additional savings from not being out and about and shopping. When all of this is over, we plan to continue some of these savings.
Health Benefits
We used to go out to eat about 3 or so times a week, which generally came down to 1 breakfast, 1 lunch, and 1 dinner. Now, we’re eating at home and grab takeout and coffee once a week. I thought this would be a very difficult transition. But I’ve found I don’t even miss going out. We’ve increase our grocery spending and are buying good quality meats and produce. We are eating delicious meals that we would pay a fortune for in a restaurant. We are eating better than ever. And much healthier.
We are also sleeping very soundly. Good quality sleep. That extra hour or so in the morning makes a big difference. The bags under my eyes have faded.
Another benefit is that we’ve greatly increased our exercise. We’re getting a good 60-90 minutes a day of walking, riding our bikes, or drills outside. Side note…our 1 year-old mini-Goldendoodle also loves this exercise. She crashes out at night.
Connecting with Family
The hardest part for me (other than occasional fear) is being away from family. My college kids are 15.5 hours away, my parents are 8 hours away, and both of my brothers are also 8-12 hours away. I really want to see them all, but it must wait until things are safer. So for now, we connect through texts, phone calls, and FaceTime. Even planning a Zoom meeting so that my parents can see us too.
Sometimes it takes a crisis to make you realize what’s most important in life. I know that my girlfriend and my family are everything to me. They’re my focus right now.
Financial Planning
I also have reflected on my desired path to FIRE. I am still aiming to be financially independent in 5.5 years. I say this even though I’ve lost about $100,000-$150,000 in the last few months. I know that money will come back…and then some.
So here’s my plan…
- Help a family member (who’s not able to work during COVID-19) over the next few months
- Keep contributing to 403B
- Strengthen my cash position
- Cut back on spending
- Put about $500 more in savings each month
- Keep educating myself and finding motivation through blogs/podcasts/books
- Improve my health (shifting more paleo, sleeping well, exercising more)
- Finding time for meditation/reflections/spirituality
I know these are scary times, and I’ve had moments of panic myself. All we can do is listen to the experts, use good judgment, and look for the good. And there is a lot of good to be found.
Stay well!