The coronavirus pandemic has shifted nearly every aspect of how we live, from how we spend our time to how we spend our money. We’ve spent more on some things, less on others and maybe rethought our financial priorities.
As we hit the one-year mark of living with this new reality, take a look at some of the major ways we’ve had to adjust financially due to the pandemic.
We’ve Stopped Spending on Shopping and Recreation
An analysis by Qapital of Americans’ top financial priorities in 2020 versus 2021 found that both shopping and recreational spending dropped out of the top 10 from one year to the next. Last year, these categories ranked as No. 4 and No. 9, respectively.
Americans have also spent less on commuting, dining out and entertainment outside the home.
We’ve Spent Less on Travel
“People certainly are spending less on travel,” said Derek Notman, CFP, founder of Intrepid Wealth Partners.
However, he believes these savings will be short-lived.
“I suspect they are saving this money to spend and splurge on a larger trip as the…