The couple canceled vacation plans and paid off their credit cards. “I wanted cash that I could get to right away if needed and I didn’t have faith that the market wouldn’t slide further and negate any contributions that I made during that time,” she said. Jones initially halted contributions to her 401(k) and put the money into their savings account. Has the pandemic changed the way you spend or save money? Once Covid hit and were forced to stay in, we started cooking all of meals,” Sawyer said.
It was a kind of free-for-all with my money. We ate out a lot and I shopped for things that I didn’t necessarily need. “Before Covid, I spent money without even thinking about it. Natalie Sawyer, a school administrator in Texas whose husband is a retired military officer and now a teacher, also took the pandemic as an opportunity to power-drive household savings. We did complete a few house projects that had gone unfinished, but for the most part we are in better shape now than we were before Covid.” Instead, she noted, “We have increased our retirement savings and built a six-month cash reserve. After four months, my hubby’s salary went back to normal, but we didn’t adjust our budget back up.” We parked a car and took it off insurance. After four months, my hubby’s salary went back to normal, but we didn’t adjust our budget back up,” Way said. “We parked a car and took it off insurance. Travel, dinners out and commuting expenses were eliminated by default because of the pandemic. Sarah Way reworked her family budget when her part-time job in California was cut back to one day a week and her husband’s employer temporarily cut his pay in half. But the tragedy of this is this incredible trickle-down effect.” Stearns is less worried about himself than the hundreds of vendors and musicians he normally books for events.
“I’m spending very little as my savings slowly but surely diminishes by the day,” he said. Now he is tapping his savings to support himself and his teenage daughter. When he started collecting unemployment he was getting $800 a week, but that has since fallen to $200 a week, after the temporary $600 weekly federal supplement expired. But his business dried up once large gatherings were canceled. Jim Stearns of Alaska runs big events for nonprofits, including the state’s annual music festival Salmonfest. “Once I am working again we intend to increase the amount of our emergency fund to ensure we are even more well-prepared for any potential future financial emergency, no matter how severe,” Grim said. The couple, who live in upstate New York with their dog, Barley, are eating at home, minimizing impulse purchases and postponing pricey things like dental work. They plan to build an even larger emergency fund for future setbacks. Paul Grim, who was laid off this summer, said he and his wife feel lucky that she still has a job.
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