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Assess new spending habits

Has the pandemic changed your work or school routines? With many employers and school districts going at least partially remote, our routine spending has changed too.

Typical daily expenses like eating out for lunch or grabbing a morning coffee on the way into the office have been replaced by more spending on groceries or takeout meals. Household bills, such as heating, cooling and electric, may have increased due to more time at home too.

Take a hard look at how these expenses have increased or decreased in 2020 and apply those costs to your 2021 budget. Then, reassess as your personal routines change throughout the year and determine if you should increase what you save for these expenses or contribute more to savings.

During the pandemic, since many more of us are online, fraudsters have increased their activity and created new ways to steal people’s information and money. Some of these tactics have been directly related to COVID-19, such as scamming people over supposedly suspended social security numbers to get their stimulus checks and online offers for home COVID-19 test kits.

Through at least April 2021,

Volatile markets or changes to income situations may bring the temptation to step away or take a break from saving for retirement.

Stay the course. Experts agree that investors should remain steadfast in saving for retirement, if possible. Now may be a good time to look at your investment strategy and adjust or seek help from a financial advisor to make sure your retirement goals are still on track.

While the short term may be unsettled, don’t lose sight of what you were able to accomplish and your long-term financial goals, like growing an emergency fund, to help you navigate 2021 and beyond.

Bob Juliano is Vice President, Director of Corporate Giving & Financial Literacy at WSFS Bank. He is a financial education expert for the Bank and has taught K-12 financial literacy to thousands of children.