4 ways to sustain savings habits from the pandemic
BNN Bloomberg
Keep growing your bank balance with these four pandemic-driven saving habits.
Keep growing your bank balance with these four pandemic-driven saving habits.
Consider whether some of the purchases you may have gone months without are necessary going forward. Or rethink how often you want to make them compared to before. For example, if you started to work from home, you might have saved money by making your lunch instead of eating out. If you return to the office, you could continue saving by bringing lunch from home at least a few times a week.
"Since we were all stuck at home, I didn't have many opportunities to go shopping or dine out. So I saved the money," says Vida DeOliver, a jewelry designer and owner of Vidart & Life Boutique, an online store based in Union, New Jersey. "I saved more during the pandemic than I had prior."
DeOliver says these days, she has more in-person spending opportunities, but she's keeping the saving habit. "When I go shopping, I ask myself if a purchase is really necessary, or if I could hold on to the money and save it for something I'd really like later," she says.
Make yourself wait before committing to expensive purchases. At the beginning of the pandemic, out-of-stock inventory and supply challenges meant that some people didn't have a choice about waiting before ordering big-ticket items such as kitchen appliances, furniture and electronics. But learning to wait before spending money can be a smart choice anytime, helping you avoid the kind of impulse that can upend savings plans.
"I always try to delay purchases for a few days to see if I really want something before I buy, but the pandemic shortages really helped me figure out what I needed and what could wait," says Eric Chow, a podcaster and public relations professional in Union City, California . Today, he makes a point of waiting a few days before pressing the "buy" button on items large and small, from electronics to wallets. And then? "If I really want it, I'll know it's worth the wait, and if I don't, I can forget about it and move on," he says.
