Why we changed our savings strategy because of COVID-19 - Business Insider

Now that we have spent over 200 days going out only for essential errands and occasional walks outside, our spending has changed, and so has our outlook. Some scientists say that aWe haven't sold all of our stocks or. We have avoided any panic and haven't done anything extreme. However, we live with more uncertainty, and that uncertainty is apparent in what we do with our disposable income and the money left over at the end of the month.

After we pay the bills, the groceries are covered, and we have paid for prescriptions, copays, etc., we now deposit what we have left in our checking account to ourinstead of just directing it to our IRA. The pandemic has lasted over six months and has created a new level of concern for us about our emergency funds. This current crisis has lasted much longer than we anticipated and could impact our finances more negatively than we previously imagined possible.

Even if a vaccine arrives before spring, the hospitality, retail, tourism, and other industries suffering from partial closings might take longer to recover and impact ours and other people's bottom lines. However, we are hoping this isn't the case. I think we all hope the recovery will be swift and robust. and unexpected expenses. But now we are prioritizing our emergency fund alongside our retirement funds.

So, although we haven't done anything rash or too emotional, we have changed our strategy to help build back up some of the confidence and more carefree attitude we once had toward our discretionary spending. We are looking forward to the "after" time, and we hope to go back to feeling confident about our financial choices, especially the ability to take off for a three-day weekend and not have it derail our monthly budget.

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