From big money moves to simply learning how to make do with less, the pandemic has compelled people to make smarter choices with their money — and some lessons can last long after things return to “normal.”
So, in addition to skipping that daily latte or cooking at home more, here are 11 savvy financial moves to consider:
Audit your subscriptions
Capitalize on the sports hiatus
Especially for kids who play on traveling teams, the unplanned sports hiatus has had certain upsides. Aaron Trahan, a self-proclaimed soccer dad in Camarillo, California, says the savings have been significant. “No soccer tournaments saved us a ton of money,” he says, which includes not just fees but also having to travel, stay at hotels, and eat out on the weekends they are out of town.
Embrace old-school family fun
“Family entertainment turned into lots of board games instead of going out,” adds Trahan. Settlers of Catan is their current favorite — and the family trades board games with friends to keep up the variety.
Bank your summer camp savings
With two school-age kids in pricey Los Angeles, I regularly pay upwards of $5,000 to keep them occupied in the summer — but not this year. (I’d love to say that all of it went to savings. Some of it did, though!)
Ditto, travel budgets
Summer travel got canceled, too. Amy Stein, a mother of two, had to cancel all of her summer trips, for a savings of more than $5,000 between Airbnbs and flights to Washington, D.C., and Mexico City.
Take advantage of what is offered
“We took advantage of no student loan payments and put it all in savings instead,” says Sally Miller, a librarian and mother of two in Los Angeles, whose student loan payments totals $700 every month. She also qualified for the public service loan forgiveness program. “We have never had savings,” she says.
Downsize to one car
With many parents and kids working from home, two cars can seem redundant. “We sold our second car, because we're not really driving much and figure a year of car payments can help pay for what I hope will be a celebratory vacation somewhere when it's safe to go,” says Marija Thomas, a mother of two in Highland Park, California.
