Did you adopt a pandemic puppy?
“COVID dogs” are a thing. During the pandemic, many of us—including me—adopted a new furry friend. I actually got two. I love them dearly, but they are not cheap! Pet owners need to budget for vet visits, vaccines, food, spaying/neutering, toys, beds, etc., which can add up to thousands of dollars per year. I also bought pet insurance for my dogs, which will be essential if our little bundles of fur require major surgeries. You may want to consider insurance for your own pet, if you haven’t looked into it.
Did you buy stocks or crypto during COVID?
Pandemic boredom and skyrocketing stock and crypto prices lured many novice investors into the markets. Some made money by making opportune trades, while others lost because they merely followed the herd. Chances are that many first-time investors learned some hard lessons along the way.
Meanwhile, experienced but busy investors suddenly had plenty of free time to check on their portfolios and research new opportunities—becoming more invested, so to speak.
As the market continues to fluctuate, investors of all experience levels should check their impulse to chase returns and focus on developing or refining a long-term investing strategy. They’ve experienced market gains and losses over the past two years, and now it’s time to build discipline.
The best way to do this? Get educated. Learn as much as you can about strategic investing and work with professionals who can help you grow your money in a way that aligns with your current realities, values and goals.
Have you tackled personal-finance fundamentals?
For some Canadians, the quiet times brought about by COVID were opportunities to take care of life’s financial basics, such as drawing up a will and an estate plan, ensuring they have adequate life insurance or creating an emergency fund. With fewer things to spend money on, many Canadians downsized their lives and, along with that change, streamlined their household budgets. Some of us took the opportunity to simplify our lives and go back to basics. Others finally took the time to sit down, organize our finances and create a financial plan.
If you’ve put off addressing these financial fundamentals, then I urge you to do something about it now—before life becomes too hectic again.
Are you still spending like it’s 2021?
After more than two years of pandemic stress and restrictions, many Canadians are itching to enjoy the good life again—after all, we deserve it, right? A little self-indulgence is OK, but be careful about buying things that a) you don’t need, and b) you can’t afford.
