If you bought a premium car, left your job, launched a business, or separated from your partner in the last two years, there’s a good chance the pandemic played a role. COVID-19 also nudged many of us toward new hobbies—TikTok, sourdough baking, and endless streaming binges. While those pastimes mainly cost time and pantry staples, it’s worth taking a fresh look at the bigger life and financial choices you made during that period now that routines are returning.
As Winston Churchill said, “Never let a good crisis go to waste.” Below are common pandemic-driven changes Canadians made, practical steps to build on the positives, and ways to repair any financial fallout.
Did you end a relationship during the pandemic?
Breaking up is always difficult, and during COVID many separations coincided with job loss, reduced income, or general financial instability. If you separated while the pandemic was ongoing, review your separation or support arrangements to make sure they still match your current income, expenses and living situation. If one or both of you have returned to regular in-person work, childcare costs may need to be added to the calculations.
That said, weigh the benefits of reopening legal agreements against the costs. Formal disputes and litigation can be expensive and time-consuming, so consider mediation or negotiated revisions where possible.
Did you get married or move in together during COVID?
Many couples accelerated plans to live together or marry once bubbles became the norm. In the rush, the essential “money talk” — discussing financial values, debts, assets and goals — was often skipped. If you’re still together, schedule that conversation. Talk about short- and long-term goals, how you’ll handle joint and individual expenses, and whether you need a household budget or spending plan that reflects your priorities.
For couples with significant assets or debts, consider a marriage agreement. At minimum, a cohabitation agreement can protect both partners by clarifying financial roles and responsibilities going forward.
Have you switched jobs or started a business during COVID?
Many Canadians used the pandemic to reassess careers, exchange full-time employment for consulting or entrepreneurship, or pursue entirely new paths. If you changed jobs or launched a business during COVID, revisit your financial plan. Compare the income, benefits and career trajectory of your previous situation to the present one. How has this impacted your cash flow, emergency savings and ability to invest for retirement?
If you haven’t adjusted your financial plan to reflect a new salary, business revenue or different risk tolerance, now is the time to update it. A clear plan will help you manage taxes, protect cash flow, and stay on track for long-term goals.
Did you indulge in “pandemic purchases” or renovate your home?
When travel and dining were limited, many people redirected their budgets into big purchases or home upgrades: fitness equipment, boats, new cars, or reconfigured home offices. If these items aren’t serving you now—or you need cash—consider selling underused purchases. Demand for certain goods has remained strong, and you may recover a significant portion of your cost.
For renovations, reassess unfinished projects and eliminate upgrades that won’t add value or suit your post-pandemic lifestyle. If completed renovations left you carrying high-interest debt, investigate lower-cost borrowing options such as a balance transfer card or a home equity line of credit (HELOC) to reduce interest charges.
Did you adopt a pandemic puppy?
Many households added pets during lockdown. While pets bring joy, they also carry ongoing costs: vet care, vaccinations, food, grooming and accessories. These expenses can add up to thousands per year. If you haven’t budgeted for pet ownership, build these recurring costs into your household spending plan and consider pet insurance to protect against unexpected veterinary bills.
Did you invest in stocks or crypto during COVID?
With extra time and rising markets, many new investors entered stocks, ETFs and cryptocurrencies. Some made gains, others learned tough lessons after volatile swings. Regardless of experience level, avoid chasing short-term returns and focus on a disciplined, long-term investment strategy that aligns with your goals, timeline and risk tolerance.
Educate yourself about diversification, fees and asset allocation, and consider working with a qualified advisor if you want professional guidance to refine your plan.
Have you tackled personal-finance fundamentals?
For many, quieter days during the pandemic were an opportunity to get basic financial affairs in order: writing a will, updating beneficiaries, reviewing life insurance, creating an emergency fund, and simplifying household budgets. If you haven’t addressed these fundamentals, prioritize them now—before life gets busier. Even small steps, like organizing documents or setting up automatic savings, make a big difference.
Are you still spending like it’s 2021?
After prolonged restrictions, it’s natural to want to enjoy life again. A little reward spending is fine, but be mindful about purchases you don’t need or can’t afford. Avoid impulse buys and focus on a long-term approach: a consistent savings plan, a realistic budget, and decisions that support financial resilience.
The global economic outlook remains uncertain with higher inflation and geopolitical risks. You can’t control macroeconomics, but you can control your choices—how much you save, the debt you carry, and how you plan for the future. Those choices will determine whether you benefit from or suffer because of the pandemic-era changes you made.
More about financial planning:
- How to “Marie Kondo” your finances
- The best financial apps for Canadians
- How financial advisors can help at different life stages
- Married with money: How to combine finances with your partner