Lessons from Lockdown: A Back-To-Basics Holiday

November 30, 2020 · Written By JFS Wealth Advisors

If there’s one thing the COVID-19 stay-at-home orders have demonstrated, it’s the need to find joy in simple pleasures. In fact, 43% of respondents to one recent survey said they had “changed their ways for the better” as a result of the lockdown.1

By applying some of the lessons learned from the pandemic to the holiday season, families may be able to create new and meaningful traditions while saving money.

Travel. While confined to their homes for several months, people discovered the benefits of virtual get-togethers via video calls. The same survey cited above found that many people who used videoconferencing technology reported that they connected more with loved ones during the lockdown than before restrictions were put into place.2

This holiday season, if you can’t be with your loved ones, consider scheduling a virtual gathering to open gifts or share a meal together. An added benefit of less time and money spent on travel could be lower stress overall.

Experience vs. “stuff.”  Of course, sharing experiences in person can be more rewarding than a video chat. Stay-at-home orders prompted many people to reflect on how much they took for granted, especially the opportunity simply to spend time with loved ones they don’t see on a regular basis. As many grandparents would likely contend, time spent with family can be a much more valuable gift than the latest gadget or fashion trend.

In April 2020, during the height of the stay-at-home orders, the nation’s personal savings rate hit an all-time high of 32%.3

Moreover, while in lockdown, many families discovered they could actually live without many of the material goods they purchase on a regular basis. Rather than spending a lot on “stuff” this season, consider intentionally downsizing the piles of gifts exchanged and focusing more on the shared celebrations and traditions.

Food. During the lockdown, many people rediscovered the simple joy of preparing and eating home-cooked meals and baked goods. And because ingredients were often limited due to supply-chain disruptions, creativity became a valuable kitchen skill. This holiday season, instead of spending a small fortune dining out, why not put some of that pandemic culinary prowess to work? Simple meals that the whole family helps prepare can be cost-effective as well as memory-making. Wrapped up with a beautiful bow, your creations can also make thoughtful, inexpensive, edible gifts.

During a time when it’s difficult to feel a sense of renewal,  acknowledging and appreciating the simple goodness in life can set the groundwork to develop new, stronger habits for better personal well-being.

 

1-2) OnePoll, studyfinds.org, May 23, 2020;
3) U.S. Bureau of Economic Analysis, June 30, 2020.

Source: Broadridge Advisor Solutions, Inc.