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Five Tips to Keep Post-Pandemic Savings Going

Covid-19 Five Tips to Keep Post-Pandemic Savings Going

Five Tips to Keep Post-Pandemic Savings Going

Many of us realized just how much we could save when our travel, eating out and entertainment options were put on hold due to the Pandemic. Now that more opportunities are opening up, how will we juggle the forced savings habits with the pent-up social demand? Here are a few tips to keep those good habits while allowing yourself a little fun.

Create a plan for social re-entry
There is something to say about having a plan, ahem, budget. In a recent AARP article, Sandy Adams, partner at the Center for Financial Planning in Southfield, Michigan said, “There’s going to be a desire to break out of the pen and go nuts. My advice is to plan and go back in slowly –but don’t go crazy.”1

Talk to your friends and family to determine everyone’s top wants when things open up. Is that family vacation you planned in 2020 ready for a reboot or would picking a weekly dinner out be a better way to reconnect and get out there? Maybe attending a concert in town would be the best way to get your social fix. Whatever you choose, be sure everyone is on board, making it easier to stay on track and on budget.

Set up auto-save and name your savings!
You know the old adage, “Pay yourself first.” Easier said than done. If you have a hard time remembering, or lack the willpower to make that savings transfer on payday, a great option is to set-up an automatic transfer to your savings monthly. Out of sight, out of mind!

Global allows as many savings accounts as you need and you can even name them whatever you want. Studies show that naming your savings helps you visualize what you are saving for. Saving for a vacation? Start a “Vacation Savings”. Want to have a fund for entertainment or eating out? Open another for “Fun Money”. It’s the quintessential virtual wallet. When there is money in the account, you have the green light to go.

Review your shopping and spending habits
While we weren’t able to go to the mall or our favorite stores, many of us discovered the ease of online shopping. Perhaps it became a little too easy to get that nearly instant gratification. Shop, click and poof! Packages arrived straight to your door; sometimes within a day or two. And while ordering groceries reduced some of the impulse buying attributed to shopping in person, it made it far too easy to stock the pantry or freezer with more than we actually need.

Ask yourself if what you are buying is a need or a want. Do some at-home shopping to prepare meals and use up the food you already have. Create weekly meal lists using the ingredients and frozen foods you have, first. Searching Google or Pinterest for weeknight recipes or buy nothing ideas can be an inspiration.

Be realistic about subscriptions
Do you need all the subscription services you added during the Pandemic? Food delivery service, additional streaming and entertainment services add up and can take a big chunk of your budget. Take a look at what you use and reduce or eliminate those you don’t or won’t have time for once in person events resume. Making a list with the service and cost can help identify the ones you like but don’t find as valuable as others.

The best investment is you
If you found yourself already on a solid path of savings prior to the Pandemic, you may have excess savings built up from months and months of reduced spending. Now is the perfect time to add to your retirement savings. Check with your tax advisor or financial advisor to see how to maximize your 401K or retirement accounts. Global has free financial coaches to help you set up a savings and budget plan that works for your specific needs.

If you found yourself underemployed or unemployed during the Pandemic, now is a great time to spend money on education or additional training. Use the time you would otherwise be spending on entertainment to take an online course or two. As the economy starts up again, companies will be seeking employees and your ongoing self-improvement will help set you apart and in line for career advancements.



Written By
Global Credit Union
Member Financial Education and Engagement

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