As more people get Covid-19 vaccinations and the U.S. reopens, people may be wondering what they should do to get on track with their money during an economic recovery.
There are signs that the economy is about to take off. Businesses across the U.S. are reopening as states loosen virus-related restrictions, and employers are hiring again.
More from Invest in You:
Deepak Chopra warns of impending disaster unless people address well-being
How companies can keep women in the workforce
To combat financial illiteracy, education needs to start early in school
“I think the economy is ready to rip,” Federal Reserve Governor Christopher Waller told CNBC’s Steve Liesman during a Friday “Squawk on the Street” interview. “There’s still more to do on that, but I think everyone’s getting a lot more comfortable with having the virus under control, and we’re starting to see it in the form of economic activity.”
Still, many households are still dealing with the impact of the pandemic and will be for many years, even as the economy recovers. And, even those who weren’t hit as hard by Covid may need to reassess their finances, as lockdowns have shifted priorities and spending habits.
What’s more, money experts say after being caught off guard by the coronavirus pandemic, many Americans may now be more mindful about being prepared for the next possible economic downturn.