COVID-19 is on its way out, and many people are returning to work and starting to rebuild their savings. But many more people are struggling to meet their money goals after the strange economic environment of the pandemic, such as paying off debt (if that’s you, use a loan payoff calculator to get back on track). Today, let’s break down five tips you can use to meet your money goals post-COVID. This blog is all about the 5 Tips to meet Money Goals in a Post-COVID World.
Prioritize Rebuilding Your Saving
You should start by rebuilding your savings account, especially if you dipped into it heavily during the pandemic. Whatever you had before, try to get that same amount of money in your savings account as quickly as possible.
This isn’t always achievable fast, especially if you had tens of thousands or hundreds of thousands of dollars saved up, but rebuilding your savings should always be your priority before you start spending on luxury items or even a much-needed vacation.
Avoid Social Media
In this day and age, social media can be a psychological trap. It’s all too easy to compare yourself to your neighbors and friends and to see them enjoying life post-COVID, often by spending exorbitant amounts of money.
To that end, avoid social media so you don’t compare yourself to other people and so you don’t start spending as they might be.
Use Stimulus Money Wisely
If you have recently received stimulus money from the federal government, try to use it wisely by:
- Funneling that money into your savings account
- Using that money to pay off any debts you might have taken out during the pandemic
Try not to use the money on things you don’t need, such as new devices or a new car. If you do need to spend the money, try to spend it on necessary things such as food, repairs to your home, or other maintenance costs.
Keep Pinching Pennies
Even though you might get your job back or get a new job as the pandemic winds down, you should keep pinching pennies, at least in the short term. Try to avoid spending frivolously and keep saving to reach your goals and rebuild your nest egg in case of a future disaster.
If you’ve already adopted good habits to start doing this… just keep doing it! Don’t let the temptation to spend like crazy drain your bank account more than it has been.
Save as if a Future Pandemic is Coming
Make no mistake, COVID-19 might be gone, but another pandemic or some other catastrophe will eventually occur. It’s in your best interest to save aggressively and act as if the next major world event is around the corner.
If you do this, you’ll meet your savings goals and you won’t be caught off guard the next time the economy has a hurdle. It’s boring, it’s tough, and it’s not as fun as spending all your cash on a post-COVID vacation – but it’s much smarter and you’ll thank yourself down the road.