Financial Fixes to Make after the Pandemic
Now is a good time to reflect on what the COVID-19 pandemic has done to your finances (and surprise, there may be some good news here) and to your priorities themselves. After giving it some thought, here’s what you should do going forward.


From dining out to vacation travel, many Americans have started to resume their pre-pandemic lifestyles – and the spending that accompanies those lifestyles. According to Schwab’s Modern Wealth Survey, nearly half (47%) of Americans polled back in February (before the rise of the Delta variant) were looking to get back to living and spending like they were before the COVID-19 pandemic and a quarter (24%) said they were eager to indulge to make up for lost time.
But we’re also seeing a healthy balance – even as people make plans to get out and spend, they also want to nurture newfound savings and investing habits developed over the last year. Nearly two-thirds (64%) of Americans surveyed said they were savers in 2020, as opposed to spenders. Hoping to double down on new savings habits in post-COVID life, 80% planned to be bigger savers than spenders in the year ahead, with nearly half (45%) planning to save more money and a third (34%) intending to reduce their debt once the pandemic has subsided.
If your own spending and savings outlook has shifted during the pandemic, how can you make sure you will stay on a healthy financial path going forward? Start by taking these steps:
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Revisit your goals
To determine how to fit new priorities into your financial plan, start by identifying what is most important to you. Not all goals are created equal, so make a list of the top three things you’d like to do over the next year or so, along with your top three longer-term goals. Then, commit to saving toward each while resisting the urge to splurge on other things that may be less important to you.
As you revisit your goals, you may find that your priorities have changed over the last year. Many people are finding that they have different feelings about what matters to them most, with increased importance on mental health (69%) and the health of their relationships (57%).
Assess your preparedness for the unexpected
Schwab’s survey revealed that over half of Americans were financially impacted by the pandemic. Against this backdrop, it’s important to assess your financial preparedness for the unexpected. As you plan for the future, consider building emergency savings and contributing to a health savings account, if you’re eligible for one.
You may also want to ensure that you have adequate insurance coverage. Sound insurance planning can help avoid a financial catastrophe. Health insurance is a must, and it’s also wise to confirm that you have adequate automobile and homeowners insurance. Explore disability, life and long-term care insurance and consider whether adding coverage is right for you.
Put your plan in writing
After a year of focusing on one day at a time, we’re now able to look ahead and plan for tomorrow. Take this as an opportunity to review where you are — and be honest with yourself about your progress toward your goals.
Simply writing things down is an important step. In fact, 54% of Americans who have a written financial plan feel “very confident” about reaching their financial goals, while only 18% of those without a plan feel the same level of certainty. However, only a third (33%) of Americans have a plan in writing, despite planning tools and advice being more accessible than ever.
Whether you need to reduce spending and debt, up your savings or just refine the details, once you know where you are and where you need to go, you’ll have a sense of direction. Then you can take necessary action steps and commit to moving forward.
Investing involves risk including loss of principal. Diversification strategies do not ensure a profit and do not protect against losses in declining markets.
The information here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The type of securities and investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.
©2021 Charles Schwab & Co., Inc. (“Schwab”). All rights reserved. Member SIPC.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Joe Vietri has been with Charles Schwab for more than 25 years. In his current role, he leads Schwab's branch network, managing more than 2,000 employees in more than 300 branches throughout the country.
-
Here's Why I'm Upgrading to the iPhone 17
The iPhone 17 is here. Learn what's new, where the best deals are and whether it's worth the switch.
-
September Fed Meeting: Live Updates and Commentary
The September Fed meeting is a key economic event, with Wall Street keyed into what Fed Chair Powell & Co. will do about interest rates.
-
I'm an Investment Strategist: This Is How the Fed's Next Rate Move Could Impact Your Wallet
Interest rate cuts might be coming, which could affect everything from your credit card debt to your mortgage. It's smart to prepare now — here's how.
-
I'm a Retirement Planner: These Are Three Common Tax Mistakes You Could Be Making With Your Investments
Don't pay more tax on your investments than you need to. You can keep more money in your pocket (or for retirement) by avoiding these three common mistakes.
-
Want to Shave 10 Hours Off Your Workweek? A Startup Expert Shows How AI Can Help
Artificial intelligence is overhauling how companies operate, freeing up entrepreneurs and their workers to skip the menial stuff and get down to business.
-
Four Clever and Tax-Efficient Ways to Ditch Concentrated Stock Holdings, From a Financial Planner
Holding too much of one company's stock can put your financial future at risk. Here are four ways you can strategically unwind such positions without triggering a massive tax bill.
-
Beyond Banking: How Credit Unions Serve Their Communities
Credit unions differentiate themselves from traditional banks by operating as member-owned financial cooperatives focused on community support and service rather than shareholder profit.
-
Answers to Every Early Retiree's Questions This Year, From a Wealth Adviser
From how to retire in a crazy market to how much to withdraw and how to spend without feeling guilty, a financial pro shares the advice he's given this year.
-
The Risks of Forced DST-to-UPREIT Conversions, From a Real Estate Expert
Some new Delaware statutory trust offerings are forcing investors into 721 UPREIT conversions at the end of the hold period, raising concerns about loss of control, limited liquidity, opaque valuations and unexpected tax liabilities.
-
I'm a Financial Adviser: You've Built Your Wealth, Now Make Sure Your Family Keeps It
The Great Wealth Transfer is well underway, yet too many families aren't ready. Here's how to bridge the generation gap that could threaten your legacy.