While the pandemic has undoubtedly been tough for millions of people across the world, there’s a large portion of the population who actually found themselves saving cash during the pandemic. With less social time and fewer reasons to go out and spend, many people found that they were putting away significant sums of cash each month – and many still have these pools of cashon-hand to spend. In a still-uncertain world, how best should you spend these savings? This article offers some ideas to help you make the most of these savings, rather than frittering them away.
Mortgage
It’s not often that you have a period of several months when you’re spending very little and saving a great deal. You may not have this volume of cash for some time, which means that you should use it to make a significant investment rather than spending it on small and insignificant things. The most significant investment in anyone’s life is their first home – so a mortgage is the first option for pandemic savers. If you’re yet to get on the property ladder, your savings might just about push you into mortgage territory – excellent news, especially for the younger generation.
Extensions
If you do already own a home, the above is, of course, irrelevant. Yet your home is still one of your most precious assets, and investing your pandemic savings in your home is certainly a good idea. If you’ve managed to save many thousands of dollars, then you may well be able to invest in an extension. Some are incredibly expensive, especially if you’re building an extension on two or more floors. A cheaper and more aesthetically pleasing option is the single-floor conservatory extension. Look to Conservatory Surrey for ideas and inspiration on which design you might like to add to your home.
Vehicle
Unlike a home, a car or truck tends to only depreciate in value. As such, this isn’t an investment that you’re likely to profit from in the future. Still, a car – especially for those who are currently without one – can be transformative for your lifestyle. It can mean dropping chidden at school instead of them taking the bus, and commuting in your vehicle instead of bustling about on public transport. It can mean road trip vacations and easier grocery shopping. So there’s no doubt that your savings will be well spent on a vehicle in 2022.
Vacation
Let’s be honest – the past two years have been challenging and, in many ways, disappointing. Grand plans have been shelved, tourism canceled, and social lives stalled. It would be difficult to dissuade someone from simply taking some time off and heading out on vacation with the money they saved during the pandemic. That money is, after all, a token of all the social time and expenditure that did not happen in 2020 or 2021. So how better to spend that saved cash than on a trip that’ll give you all that you missed in those two pandemic years?
These ideas may be of help to those who have savings from the pandemic, but are unsure of how to spend them.
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