6 pandemic money habits and attitudes to keep for the long term

October 06, 2022

COVID-19 changed the way Americans spend and save money. Here’s a cheat sheet of which habits to keep and which to ditch.

 

When the pandemic took hold in early 2020, Robert Johnson, a Neptune City, New Jersey-based personal trainer, quickly made some adjustments. He used a shopping list to expedite grocery store trips, stocked his kitchen with healthy food, experimented with new recipes and offered his clients virtual workouts.

Eighteen months later, those practices—which Johnson says helps him to save time and money—remain a part of his life. 

He’s among the many who adopted new routines during the pandemic. And now, as restrictions ease, personal finance and behavior economics experts say it’s an optimal moment to determine what habits and behaviors to reinforce, as well as which ones to ditch.

“It’s a good time to say, ‘okay, I changed some habits, how did that affect my overall happiness and my financial situation?’” says Terrance Odean, a finance professor at University of California, Berkeley’s Haas School of Business who has expertise in behavioral finance.

As you do your review, keep in mind these behaviors that experts say are worth retaining.

 

1. Pay down debt

With government money coming in and far fewer opportunities to spend during the pandemic, Americans dramatically cut down their credit card debt. Yet, in the second quarter 2021, credit card debt—as well as other debt—crept up again. Those who pay off their balance each month can avoid interest and additional fees, which can quickly add up, says Barry Saeger, a U.S. Bank Customer Goals Coach. He suggests checking a credit card’s mobile site or using its app regularly to keep track of charges and payment due dates. An additional safeguard, says Saeger, is to set a calendar alert to remind you of each month’s payment deadline.

 

2. Stash away extra money

“The overall savings rate increased significantly during the pandemic,” says Jay Mooreland, founder of The Behavioral Finance Network, a business that provides coaching for financial advisors. Yet, “much of that additional savings was more situational than habitual.” For those who have the means, the trick is to stay on track with savings as the world opens up again. That’s where budgeting comes in, says Saeger. It’s extremely important “to understand what money is coming in and where it’s going out,” especially as spending patterns change (think: increased dining out) and some government resources and programs go away. “It’s a matter of being aware and tightening up when necessary,” Saeger says.

 

3. Maintain your faith in investing

Through the first half of 2021, the brokerage industry opened more than 10 million new customer accounts, which is close to, if not above, the full-year record set in 2020, according to an estimate by JMP Securities. Investors of all ages have joined in. “I have so much more interest from my freshmen class in investments than I have ever experienced before,” says David Evans, a continuing lecturer at Purdue University’s division of consumer science. “They’re thinking about investing as a way to build wealth.”

Saeger points out that “having your money work for you” through compound returns is a great way to fund your future. Yet, he’s quick to add that anyone new to investing should take the time to learn the basics, such as joining an investing club or reading educational material. “The more financial awareness someone has, the better off they will be,” he says.

 

4. Schedule virtual meetings

Video meetings help with efficiency, as well foster diversity since they remove geographic barriers, Evans says. Features such as the “raise hand” button can lead to greater participation, he adds, as attendees can easily signal that they’d like to contribute to the conversation. There’s also a financial bonus to not driving to the office: less gas use and reduced wear and tear on your car. Back-to-back Zooms can be trying, though, says Mooreland, so be sure to schedule breathing room between meetings. Those little breaks “can provide relief to the brain and help us be more productive overall,” he says.

 

5. Embrace meal prep

All the at-home cooking we did during the pandemic benefitted us “from a financial standpoint and typically from a health standpoint,” says Saeger. For instance, a remote worker who once grabbed pricey premade lunches by the office can now make less expensive meals at home. Shopping habits picked up during the pandemic—such as ordering groceries online or creating a list to get in and out of stores quickly —can also reduce the risk of spending money on unneeded items. “The longer you stay in the store… the more things you put in the cart,” Evans says.

 

6. Continue at-home entertainment

Activities such as board games, cards and family-oriented video games “have been reintroduced into our lives over the last 12 to 18 months,” providing a way for people to bond while staying within a budget, says Saeger. “Getting that time together is extremely valuable from an emotional standpoint, and you can also save money that you once spent on going to the mall or an amusement park,” he says.

 

Additional resources

 

This step-by-step financial planning guide can help you set a personalized strategy for achieving your short- and long-term goals.

Looking for additional savings strategies? Here are 9 simple ways to save money.

Related content

Do I need a financial advisor?

How a bar trivia company went digital during COVID-19

6 ways to spring clean your finances and save money year-round

Healthcare costs in retirement: Are you prepared?

Good debt vs. bad debt: Know the difference

Parent checklist: Preparing for college

30-day adulting challenge: Financial wellness tasks to complete in a month

Are you ready to restart your federal student loan payments?

U.S. Bank asks: What do you know about credit?

Financial steps to take after the death of a spouse

Estate planning documents: Living trusts vs. will vs. living will

Do your investments match your financial goals?

Can fantasy football make you a better investor?

Annual insurance review checklist

A beginner's guide to investing

8 steps to choosing a health insurance plan

7 financial questions to consider when changing jobs

4 reasons why estate planning is important

6 tips for trust fund distribution to beneficiaries

5 unexpected retirement expenses

How to sell your business without emotions getting in the way

Webinar: 5 myths about emergency funds

How to best handle unexpected expenses

Which is better: Combining bank accounts before marriage — or after?

Multiple accounts can make it easier to follow a monthly budget

Prioritizing payroll during the COVID-19 pandemic

Improving your credit score: Truth and myths revealed

5 financial goals for the new year

4 steps to finding a charity to support

Key components of a financial plan

Webinar: ESG for Corporations: Building an all-weather, long-lasting strategy

How to financially prepare for pet costs

How to stop living paycheck to paycheck post-pay increase

Money Moments: 3 smart financial strategies when caring for aging parents

How Wenonah Canoe is making a boom in business last

Financial gifts can be a valuable – and fun – choice for the holidays

5 myths about emergency funds

Tips to earn that A+ in back-to-school savings

What military service taught me about money management

Save time and money with automatic bill pay

5 steps to take before transitioning your business

Closing on a house checklist for buyers

How I did it: Deciding whether to buy an RV

Tips to overcome three common savings hurdles

Questions to ask before buying a car

Take the stress out of buying your teen a car

How to winterize your vehicle

Car shopping: Buying versus leasing your next vehicle

What you should know about buying a car

Buying or leasing? Questions to ask before signing a contract

Saving for a down payment: Where should I keep my money?

Are savings bonds still a thing?

Certificates of deposit: How they work to grow your money

Does your side business need a separate bank account?

How I kicked my online shopping habit and got my spending under control

What you need to know as the executor of an estate

Webinar: Mindset Matters: How to practice mindful spending

How to save money while helping the environment

What documents do you need after a loved one dies?

Retirement plan options for the self-employed

How to open and invest in a 529 plan

Stay on budget — and on the go — with a mobile banking app

4 tips for protecting your business against Coronavirus-related scams

Unexpected cost savings may be hiding in your payment strategy

Evaluating interest rate risk creating risk management strategy

3 reasons governments and educational institutions should implement service fees

How I did it: Learned to budget as a single mom

10 ways to increase your home’s curb appeal

Does your savings plan match your lifestyle?

7 steps to prepare for the high cost of child care

3 ways to keep costs down at the grocery store (and make meal planning fun)

Growing your savings by going on a ‘money hunt’

U.S. Bank asks: Transitioning out of college life? What’s next?

How this photography business persevered through tough times

Make your business legit

How to build wealth at any age

Year-end financial checklist

Year end tax planning tips

11 essential things to do before baby comes

How grandparents can contribute to college funds instead of buying gifts

How to manage your finances when you're self-employed

Webinar: Uncover the cost: Starting a family

Top 3 considerations when selecting an IPA partner

Programme debt Q&A: U.S. issuers entering the European market

How to maximise your infrastructure finance project

Luxembourg's thriving private debt market

Insource or outsource? 10 considerations

Multigenerational household financial planning strategies

Finance or operating lease? Deciphering the legalese of equipment finance

Friction: How it can help achieve money goals

How to save money in college: easy ways to spend less

How to manage money in the military: A veteran weighs in

Checklist: 10 questions to ask your home inspector

How to manage money tips

Working after retirement: Factors to consider

Using 529 plans for K-12 tuition

How to retire happy

What to consider before taking out a student loan

Webinar: Common budget mistakes (and how to avoid them)

Trends in economics, immigration and mobility policy

How to establish your business credit score

10 tips on how to run a successful family business

Spring cleaning checklist for your home: 5 budget-boosting tasks

4 restaurant models that aren’t dine-in

Adulting 101: How to make a budget plan

First-time homebuyer’s guide to getting a mortgage

Is it time to get a shared bank account with your partner?

3 steps to prepare for a medical emergency

How can I help my student manage money?

College budgeting: When to save and splurge

Pros and cons of a personal line credit

5 tips for parents opening a bank account for kids

Key milestone ages as you near and start retirement

Reviewing your beneficiaries: A 5-step guide

Should I itemize my taxes?

Your 4-step guide to financial planning

How to track expenses

How to use debt to build wealth

Transitioning from the military to the civilian workforce

Why a mobile banking app is a ‘must have’ for your next vacation

House Hacks: How buying an investment property worked as my first home

How I did it: Bought a home without a 20 percent down payment

Working with an accountability partner can help you reach your goals

3 tips for saving money when moving to a new home

5 ways to maximize your garage sale profits 

Common pitfalls to avoid in the equipment financing process

Maximizing your infrastructure finance project with a full suite trustee and agent

The secret to successful service provider integration

ABCs of ARP: Answers to American Rescue Plan questions for counties

Opening a business on a budget during COVID-19

Talent acquisition 101: Building a small business dream team

How I did it: Turned my side hustle into a full-time job

Costs to consider when starting a business

How to test new business ideas

How to get started creating your business plan

The costs of hiring a new employee

How business owners are managing during the supply chain crisis

How to expand your business: Does a new location make sense?

How to choose the right business savings account

How a group fitness studio made the most of online workouts

How community gave life to lifestyle boutique Les Sol

How a travel clothing retailer is staying true to its brand values

How to build a content team

LGBTQ+ financial planning tips

Should rising interest rates change your financial priorities?

Good money habits: 6 common money mistakes to avoid

How to talk about money with your family

How to protect your digital assets in your estate plan

Retirement expectations quiz

Retirement income planning: 4 steps to take

Preparing for retirement: 8 steps to take

LGBTQ+ retirement planning: What you need to know

The connection between your health and financial well-being

What is Medicare? Understanding your coverage options

3 types of insurance you shouldn’t ignore

7 things to know about long-term care insurance

Is a Health Savings Account missing from your retirement plan?

Saving vs. investing: What's the difference?

Investment strategies by age

How to Adult: 5 ways to track your spending

Tips for navigating a medical hardship when you’re unable to work

Family planning for the LGBTQ+ community

Preparing for adoption and IVF

How to plan and save for adoption and in vitro fertility treatment costs

Resources for managing financial matters after an unexpected death

Webinar: Uncover the cost: College diploma

How to gain financial independence from your parents

Practical money skills and financial tips for college students

How I did it: Paid off student loans

Webinar: Bank Notes: College cost comparison

From LLC to S-corp: Choosing a small business entity

Tips for handling rising costs from an Operation HOPE Financial Wellbeing coach

3 financial tools to help automate your finances

5 tips for creating (and sticking to) a holiday budget

Should you buy now, pay later?

Financial checklist: Preparing for military deployment

5 things to consider when deciding to take an unplanned trip

6 pandemic money habits to keep for the long term

Webinar: Smart habits and behaviors to achieve financial wellness

How to decide when to shop local and when to shop online

A who’s who at your local bank

Webinar: Uncover the cost: Wedding

Webinar: Uncover the cost: International trip

How having savings gives you peace of mind

Helpful tips for safe and smart charitable giving

Personal loans first-timer's guide: 7 questions to ask

3 awkward situations Zelle can help avoid

Allowance basics for parents and kids

What’s your financial IQ? Game-night edition

Things to know about the Servicemembers Civil Relief Act

You can take these 18 budgeting tips straight to the bank

3 tips for saving money easily

Do you and your fiancé have compatible financial goals?

U.S. Bank asks: Do you know your finances?

U.S. Bank asks: Do you know what an overdraft is?

Personal finance for teens can empower your child

It's possible: 7 tips for breaking the spending cycle

How to save for a wedding

Here’s how to create a budget for yourself

Don’t underestimate the importance of balancing your checking account

9 simple ways to save

A passion for fashion: How this student works the gig economy

Tips for working in the gig economy

How compound interest works

Dear Money Mentor: How do I set and track financial goals?

5 reasons why couples may have separate bank accounts

Checking and savings smarts: Make your accounts work harder for you

Lost job finance tips: What to do when you lose your job

Tips to raise financially healthy kids at every age

Money management guide to financial independence

First-timer’s guide to savings account alternatives

Money Moments: 8 dos and don’ts for saving money in your 30s

Myths vs. facts about savings account interest rates

5 tips to use your credit card wisely and steer clear of debt

Travel for less: Smart (not cheap) ways to spend less on your next trip

Money Moments: How to manage your finances after a divorce

What’s in your emergency fund?

What you need to know about renting

Dear Money Mentor: How do I pick a savings or checking account?

Practical money tips we've learned from our dads

What I learned from my mom about money

How to cut mindless spending: real tips from real people

Building a financial legacy for your family and community

Understanding guardianship and power of attorney in banking

How to increase your savings

Bank from home with these digital features

What financial advice would you give your younger self?

Consolidating debts: Pros and cons to keep in mind

How to talk to your lender about debt

Which debt management technique is right for you?

Everything you need to know about consolidating debts

5 tips to use your credit card wisely and steer clear of debt

Understanding the true cost of borrowing: What is amortization, and why does it matter?

7 steps to keep your personal and business finances separate

Know your debt-to-income ratio

How to use credit cards wisely for a vacation budget

How to use your unexpected windfall to reach financial goals

For today's homebuyers, time and money are everything

Crypto + Homebuying: Impacts on the real estate market

Should you buy a house that’s still under construction?

Your guide to breaking the rental cycle

Military homeownership: Your guide to resources, financing and more

Webinar: Uncover the cost: Building a home

Home buying myths: Realities of owning a home

4 ways to free up your budget (and your life) with a smaller home

Money Moments: Tips for selling your home

Are professional movers worth the cost?

Beyond the mortgage: Other costs for homeowners

10 questions to ask when hiring a contractor

5 things to avoid that can devalue your home

Webinar: Mortgage basics: How much house can you afford?

Webinar: Uncover the cost: Home renovation

How to build and maintain a solid credit history and score

How to improve your credit score

Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.