Money Lessons from the COVID-19 Era

Since the start of the COVID-19 pandemic, many Canadians have changed their spending habits. The COVID era ushered in a heightened sense of financial awareness and, oftentimes, an abundance of caution in terms of ensuring every purchase is truly worthwhile. Even after the pandemic passes, there are several valuable financial lessons from this time that you can continue to practice in the future. 

Save Time and Energy with Online Banking 

With many banks closed to in-person services, online and digital banking services took off during the COVID era. Even after the banks in your area reopen, you may want to continue to make the most of online banking opportunities. This option allows you to save time and energy on a trip to the bank and lets you access your finances at the push of a button. 

Rework Your Budget to Eliminate Unnecessary Expenses 

When the COVID-19 pandemic hit, many Canadians found themselves having to retool their budgets to eliminate certain expenses. After several months of the pandemic, you might find you don’t even miss those expenses! You can continue saving money by: 

• Getting rid of fun but expensive extras such as eating out, recurring subscription plans, and even cable television 

• Devoting more of your spare income to savings rather than extra expenses 

• Contacting your lenders to see if they can lower your interest rates or adjust your monthly payments 

Make Saving for the Future and Unexpected Events a Top Priority 

Perhaps one of the biggest lessons that COVID taught many Canadians was that saving for the future is critical. Unexpected events can impact otherwise comfortable finances, which makes regularly putting away cash for the future an absolute must. You can keep this mentality by making saving for the future a top priority. Putting away extra money can: 

• Allow you to cover several months of expenses if you or a partner suddenly lose a job or experience reduced hours or other difficulties 

• Give you a safety net in case of an unexpected event  

• Provide financial peace of mind to your family 

While the COVID-19 pandemic upended many aspects of everyday life, some of the new money habits many Canadians picked up could be worth holding on to. By using online banking, getting rid of unnecessary expenses, and saving more for unexpected events in the future, you can make the most of the habits you learned during the COVID era and start building a stronger financial future. Consider holding on to these habits or working them into your financial mindset if you haven't already!