How did you do in the Year of the Pandemic, money-wise?

[Adventine]

It's December 1, around the time many people start to take stock of The Year That Was.

Personally and professionally, it's been an unforgettable year for me. But in terms of finances, I did... just fine.

The value of my investments dropped significantly in March-May 2020, but have mostly recovered. I kept my job, kept saving, didn't have to pay any huge, unexpected bills, didn't get into any debt. As a result, my net worth is a bit higher now than it was in December 2019.

How are all of you doing, financially?

[Vashy]

My NW increased by £96,997 during 2019. For 2020 (first 11 months), that number is £51,743 (even assuming an average 12th month would only get me to a £56,446 increase). Kept the job, job got more bearable with WFH, opened up a side gig last May, making very good progress on the mortgage. I'm happy.

[MudPuppy]

NW higher. Between our mortgage payments (our only real debt) and maxing my pre-tax retirement account I would have been surprised if it were otherwise. I didn’t do a great job of tracking in 2019 so I can’t make genuine comparison.

[Freedomin5]

We did well. The increase was on pace compared to last year, but then we both luckily kept our jobs and kept socking money away into our investments. We did fly back home this year at the start of the pandemic but didn't fly during the summer, so basically, our spending on flights was the same as it is most years. We are saving money by not doing our annual winter vacation.

ETA: I forgot, we donated what we would have spent on vacation and gave that amount to organizations in developing countries to support people experiencing food insecurity. So our overall spending is about the same. Our increase in net worth is about what we would expect in a normal year.

[nessness]

@Adventine the last option is a duplicate of the first - I'm pretty sure it should say "significantly worse".

We did well, due to DH starting a higher-paying job in March, and saving $2k/month in childcare costs for most of the year.

[NotJen]

Assuming nothing big happens in December... I put significantly better.  This is my first year being unemployed - I contributed $0 to my investments, yet they’re higher than ever.  Spending is also greatly decreased.  Financially did way better than expected.

                      2019      2020
NW Increase   $240k     $160k
Spending          $26k       $18k (projected)

[Adventine]

@Adventine the last option is a duplicate of the first - I'm pretty sure it should say "significantly worse".

We did well, due to DH starting a higher-paying job in March, and saving $2k/month in childcare costs for most of the year.

Thanks for the correction! Now fixed.

The number of people who will actually describe their situation on this thread will likely skew towards the "I did better in 2020 than 2019". But it will be interesting to see the responses to the poll.

[Metalcat]

Um...the pandemic was, like, the least of my problems in 2020.

[OtherJen]

Finances are about the only thing that hasn’t been a source of stress/sadness for us this year.

Our household income is higher and discretionary spending is lower, so our NW has gone up. We are very grateful to be in this position.

[BigEasyStache]

NW up 19.76%.

Mostly due to market increases and 60% saving rate.

[Adventine]

ETA: I forgot, we donated what we would have spent on vacation and gave that amount to organizations in developing countries to support people experiencing food insecurity. So our overall spending is about the same. Our increase in net worth is about what we would expect in a normal year.

That's a lovely thing to do with the freed-up cash :)

Finances are about the only thing that hasn’t been a source of stress/sadness for us this year.

Our household income is higher and discretionary spending is lower, so our NW has gone up. We are very grateful to be in this position.

Same here. So many others are struggling. While we here in our little corner of the internet are doing rather well. Cultivating a sense of gratefulness really helps.

[ctuser1]

Up $200k+ for 2020. 2019 was better.

Back in the real world, yesterday the Mayor sent a newsletter that 150+ restaurants have closed in our town and most of their workers are now jobless.

I know it is not logical, but I feel a tinge of guilt at times.

[BussoV6]

NW increased in 2020. Looks like ending around 8% return, so less than 2019. No complaints on finances, there was plenty of other issues to keep me busy.

[Adventine]

Up $200k+ for 2020. 2019 was better.

Back in the real world, yesterday the Mayor sent a newsletter that 150+ restaurants have closed in our town and most of their workers are now jobless.

I know it is not logical, but I feel a tinge of guilt at times.

It just means you're a human being, and you can see how this year has been great for some, and horrible for others.

[uniwelder]

2020 about the same cost and savings as 2019.  Seeing the same general trend as the previous year in net worth increase.  As an extra plus, I was fortunate in that my work mostly shut down (paid time off) for 4 months, which happened to time perfectly with a rental house we purchased that I was able to do some major renovations. 

I listen to various podcasts and the 'K' shaped economic recovery is so true.  I feel bad for those whom the coronavirus really hit hard--- for their health or work/finances.

[Freedom2016]

For 2019 NW increased 6%.

For 2020 NW increased 33%. Gains came from investments and property value. Kinda crazy to be up so much given that DH lost his job and my income went down 30% due to COVID.

[yakamashii]

I answered "significantly worse" because I'm looking at 30% less income for 2020, and I'm a freelancer: no guarantees, no warning, and often little indication as to what's really going on in terms of the market for my services. I'm in a high-demand field, but demand has vanished for weeks on end a few times this year, so it's been a rough ride in terms of making the kind of progress toward FI I'd expected to make. No money problems in day-to-day life; we're well insulated. Savings rate is looking to be about the same, and like anyone else who simply didn't touch their investments, NW is up.

[uniwelder]

The number of people who will actually describe their situation on this thread will likely skew towards the "I did better in 2020 than 2019". But it will be interesting to see the responses to the poll.

From reading responses and comparing to the poll, it actually looks like the reverse of your prediction.  Maybe the question just isn't being interpreted correctly.  If someone did well last year and well this year, as in net worth up 10% or 100k for each, it seems the poll response should be neutral.  However, most people are polling that they did 'significantly better', which I do see in some responses---- costs went down due to no childcare needed, higher paying job, real estate value up, etc, but most of the written answers seem like they did just as fantastically as last year, and a few that are worst off, either in absolute terms or simply just not as fantastic as last year.

[Adventine]

The number of people who will actually describe their situation on this thread will likely skew towards the "I did better in 2020 than 2019". But it will be interesting to see the responses to the poll.

From reading responses and comparing to the poll, it actually looks like the reverse of your prediction.  Maybe the question just isn't being interpreted correctly.  If someone did well last year and well this year, as in net worth up 10% or 100k for each, it seems the poll response should be neutral.  However, most people are polling that they did 'significantly better', which I do see in some responses---- costs went down due to no childcare needed, higher paying job, real estate value up, etc, but most of the written answers seem like they did just as fantastically as last year, and a few that are worst off, either in absolute terms or simply just not as fantastic as last year.

Oh, the thread is young and reponses are (relatively) few, for now. We'll see when more data comes in.

People tend to be more vocal about describing their successes, rather than their failures. It'll be interesting to check back in a couple of days to compare the poll responses vs the longer, more descriptive replies.

[HPstache]

Slightly better.  Kept my job thru the pandemic and spent a lot less on gas.  My duplex tenants kept their jobs for the most part (one had a short amount of time with no work due to working in a dentists office), so the rent continued to come in (this could have been a HUGE landmine with no eviction rules).  My one side gig small business was finally ranked on Google bringing a ton more traffic about mid way through the year, and being a internet based "I can't travel" friendly scheme I have been getting a lot more sales in years past, and so far a big Christmas selling season.  The other side gig business based in the Automotive aftermarket parts industry got a lot of sales right around when the Trump bucks arrived so I cashed in nicely on that as well.  All in all, I'd say it was a pretty good year money-wise, but we did have a new (to us) vehicle purchase and also installed whole home AC and had a few bigger ticket house purchases that offset some of that.

[habanero]

Bit worse (so far) mainly due to lower returns in 2020 than 2019 but all good so far - income roughly same (i.e kept job). Expenses would have been higher with no pandemic due to canceled international travel and generally less of the stuff I normally do some of that costs money - like gyms being closed, restaurants/bar closed for a good chunk of the year but prob bit more on groceries as 2 persons working a lot from home and I get lunch at work cheaply when I go there.

For me the main problem with this pandemic has not been money, but just that habits have had to change.

[Cranky]

Significantly worse in terms income - dh’s university took this opportunity to do a major reorganization and his job is significantly different now - but that’s fine and it has all pushed him to retire after spring semester. Which is great!

From everything I’ve seen, people with the sorts of jobs that can be done from home have done well this year, so it has really served to increase income inequality.

[Paper Chaser]

Income's down a bit, net worth is up.

[engineerjourney]

Better in 2020 than 2019... Saved an additional $20K this year over our usual savings rate with no daycare costs since March... not worth it

[uniwelder]

The number of people who will actually describe their situation on this thread will likely skew towards the "I did better in 2020 than 2019". But it will be interesting to see the responses to the poll.

From reading responses and comparing to the poll, it actually looks like the reverse of your prediction.  Maybe the question just isn't being interpreted correctly.  If someone did well last year and well this year, as in net worth up 10% or 100k for each, it seems the poll response should be neutral.  However, most people are polling that they did 'significantly better', which I do see in some responses---- costs went down due to no childcare needed, higher paying job, real estate value up, etc, but most of the written answers seem like they did just as fantastically as last year, and a few that are worst off, either in absolute terms or simply just not as fantastic as last year.

Oh, the thread is young and reponses are (relatively) few, for now. We'll see when more data comes in.

People tend to be more vocal about describing their successes, rather than their failures. It'll be interesting to check back in a couple of days to compare the poll responses vs the longer, more descriptive replies.

I agree with you and that's why I brought it up.  What I should have said is that perhaps the poll should be reworded, before you get too many responses.  If my interpretation of the poll was correct, it should go something like this----

"How did you do in 2020 vs 2019, money-wise?"
Significantly better in 2020 compared to 2019
A bit better in 2020 compared to 2019
Just as fantastic as 2019
Financial well being at the same level as 2019
Significantly worse in 2020 compared to 2019

I think when people are reading it, some think you're asking whether 2020 led them to be treading water as the middle response, and then + or - from there.  Or maybe that's what you mean and I'm just interpreting it wrong.


edit to add--- another poll interpretation with more descriptive wording
   Wow, 2020 has been like winning the lottery!
   I really like what 2020 has done for my finances, couldn't have done this in normal times
   Finances are doing well.  Just like every other fantastic year for me.
   Didn't get any further toward my goals, but didn't take any steps back
   2020 has not been good for me

[NorCal]

I put in "slightly worse" than 2019, as my net worth "only" increased $240K this year, compared with $360K in 2019.

This is largely because I chose to become a stay at home dad in early 2020, so we've chosen to cut back on income.

We're still doing just fine, and choosing to cut back on work was a wonderful choice, particularly given the pandemic.

[Adventine]

I think when people are reading it, some think you're asking whether 2020 led them to be treading water as the middle response, and then + or - from there.

Yes, that's what I meant. Not everyone starts from a good place and some people's financial progress may have "stalled" this year, meaning they are in the same position in 2020 as they were in 2019.

I thought about how to better convey the middle ground that I meant to express with the middle response. Does this help?

++
+
=
-
--

Where = corresponds to "Didn't get any further toward my goals, but didn't take any steps back".

I'll sleep on it and maybe better wording will come to me in the morning ;) If not, I'm fine with leaving the poll as is. The replies are already fascinating.

[2sk22]

Just looked at Quicken, we are up about $800K for the year - mostly due to the market

[tygertygertyger]

Hmm. I was furloughed for 4 months (reduced hours, but still working). I'd planned on several trips this year, and none of them happened, so I think financially it evened out somewhat. My investments have been hard at work so my overall net worth is up.

My partner's job situation changed, so he's down from last year overall. Together we're probably even steven from 2019.

[uniwelder]

I think when people are reading it, some think you're asking whether 2020 led them to be treading water as the middle response, and then + or - from there.

Yes, that's what I meant. Not everyone starts from a good place and some people's financial progress may have "stalled" this year, meaning they are in the same position in 2019 as they were in 2020.

I thought about how to better convey the middle ground that I meant to express with the middle reaponse. Does this help?

++
+
=
-
--

Where = corresponds to "Didn't get any further toward my goals, but didn't take any steps back".

What you intended really confused me, and from reading other people's responses, confused them as well.  Maybe in addition to the +/- scheme, the full descriptions would help.

   ++ I really like what 2020 has done for my finances, couldn't have done this in normal times
   +   Finances are doing well.  Just like every other fantastic year for me.
   =   Didn't get any further toward my goals, but didn't take any steps back
   -    2020 has not been good for me
   --  Wow, this year has really sucked big time

[achvfi]

S&P returns in 2019 were about 30%, bouncing back from negative returns in 2018. Its surprising to see majority of poll responses have done better or much better in 2020 than 2019.

[SwordGuy]

I answered "about the same".   We've been retired for 2 1/2 years.

Our net worth is about the same, but our financial situation is much more secure.

We now have zero debt.  We sold off the properties that we had acquired to help other folks and put the proceeds into paying off our house.   So our annual expenses are about $30,000 less than they were in Dec of 2019. 

Our passive income went up by $24,000 when I went on SS early.   So that's a $54,000 positive swing in our cash flow.   That's letting us start donating more to charity than we otherwise could and it pretty much erases what little sequence of returns risk we had in our prior situation.   In about another 2 1/2 to 3 years I'll qualify for medicare and our health insurance costs will be cut close to in half.   Health insurance is our largest single expense and that's with my wife and daughter already on medicare.

So, all in all, finance-wise, I'm pleased.

[APowers]

I've been having such a lovely apocalypse, I can't complain!

I've cut back on work this year (which I wanted to do anyway). The work was there, but Covid has been a great excuse to refocus my time on the priorities I really want to have. So my earned income is probably down, but I don't really care, because:

I realized I am essentially FI, and decided to start acting accordingly.

At worst, the pandemic has been a minor inconvenience for me, which is an incredible privilege that I am inordinately grateful for. The YMCA closed this spring, and this was the year I wanted the kids to learn how to swim. Oh well. Wearing a mask everywhere has been a drag, but it's not hard to keep one in my pocket. I wanted to host/attend more social events this year, but that's been put on hold; again, this is an incredibly first-world problem, and considering that I didn't have much of a social life before now, doesn't really change much.

I've been much more involved with my neighbours, due to having more free personal time to help with yardwork/landscaping/home repair. I've had more time to spend both on fun adventures and in school activities with my kids. And I've accomplished a lot of my own landscaping/remodeling as well. I was able to refinance my mortgage and save myself ~$150/month. This has been a pretty great year overall for me.

[formerlydivorcedmom]

I'm a little amazed at how well we did this year.  In 2019, our stash went from about 43% - 50% of our goals.  So far in 2020 it's been from 50% - 63%. We crossed the 1M net worth mark!

We were lucky that H continued to get paid even when he couldn't work (hard to do tech support for teachers when they are all at home).  My company halted their 401k match, but after 6 months decided to retroactively pay the match to everyone who had continued to contribute.  The child support I receive went up about 10%.  The government stimulus money went straight into the savings account to boost our cash reserves.

We spent about the same as last year.  Even though some expenses went down (commute costs and dry cleaning down, vacations cancelled), takeout expenses went WAY up (on purpose, to support local restaurants) and we gifted $6k to a family member to help with a legal issue.  I had budgeted for major landscaping work this year, but with H at home we had the time to do it ourselves and save a few thousand dollars.

The market was kind this year.

[kay02]

I started my side gig that I never would have without this year going down the way it did and that's been literally ilfe changing for me.  I now hope to FIRE in my early 20s and I had no plan at all before.

But I know lots of people have done soo much worse and yes it make me feel guilty too like someone else said. :(

[Zikoris]

We're doing great. Our net worth has increased by about 75K so far, and we're in about the best situation we realistically could hope for - we're able to work from home and have very stable income, and basically have everything we need to mostly hole up and wait this thing out. Our spending is down about 20% overall compared to normal, so we've been able to invest even more than normal, including through all the dips this year.

[simonsez]

I think when people are reading it, some think you're asking whether 2020 led them to be treading water as the middle response, and then + or - from there.

Yes, that's what I meant. Not everyone starts from a good place and some people's financial progress may have "stalled" this year, meaning they are in the same position in 2020 as they were in 2019.

I thought about how to better convey the middle ground that I meant to express with the middle response. Does this help?

++
+
=
-
--

Where = corresponds to "Didn't get any further toward my goals, but didn't take any steps back".

I'll sleep on it and maybe better wording will come to me in the morning ;) If not, I'm fine with leaving the poll as is. The replies are already fascinating.

Ah, I misinterpreted it then.  2020 has been great, as was 2019 for finances.  Since it was the same, I chose the middle option.  But after reading your intent, both have been + or ++ years for sure for wife and I.  We have made good progress in both 2019 and 2020.

Thankful to have avoided being sick and kept jobs thus far.

[NotJen]

But I know lots of people have done soo much worse and yes it make me feel guilty too like someone else said. :(

I don't feel guilty, but I also don't talk about my financial success in real life.  The only place I celebrate/brag is here.  I check in with my friends and family to make sure they're doing okay - luckily no job losses there - so I haven't needed to offer any help so far.

[Freedomin5]

Back in the real world, yesterday the Mayor sent a newsletter that 150+ restaurants have closed in our town and most of their workers are now jobless.

I know it is not logical, but I feel a tinge of guilt at times.

But I know lots of people have done soo much worse and yes it make me feel guilty too like someone else said. :(

Feeling guilty is normal and logical as it means you can see and feel the unfairness and inequality of the situation. And it can be a good thing if it motivates you to act. Why not do your little part in your corner of the world to address the need you see around you?

[ChpBstrd]

My investments are slightly positive for the year.

My spending has greatly decreased, so that's an improvement.

[JLee]

My net worth is up about 36% over the last 12 months, which is frankly absurd given the state of...everything.  I'm reasonably on track to hit my barebones ultra-lean-FIRE goal two years ahead of schedule.

[Imma]

It's an odd year for me. On a personal level it's been the worst year of my life. I lost a close relative to Covid, I didn't get to visit them in hospital, we didn't have a real funeral, another close relative was very ill with Covid and is only now almost recovered (after 9 months) although still doesn't have a sense of smell and that could be permanent.

Financially, it's been great. I lost my job due to Covid, but saw it coming and had been networking a bit. The same week I heard my job contract was not going to be renewed I found a new job. I worked out my contract and then started a new job - got a raise and much better benefits which will also increase my income (new employer pays most of my pension contribution and will pay my remaining tuition for the last semester of grad school). I'm working from home 100% since March so I'm not spending on transit or work clothes.  My investments are doing very well and my higher income has increased my savings rate. The pandemic housing boom has also increased the value of my home. So I voted significantly better.

[kay02]

Back in the real world, yesterday the Mayor sent a newsletter that 150+ restaurants have closed in our town and most of their workers are now jobless.

I know it is not logical, but I feel a tinge of guilt at times.

But I know lots of people have done soo much worse and yes it make me feel guilty too like someone else said. :(

Feeling guilty is normal and logical as it means you can see and feel the unfairness and inequality of the situation. And it can be a good thing if it motivates you to act. Why not do your little part in your corner of the world to address the need you see around you?

I have done a little of that and I am hoping to do more! :)

[mountain mustache]

This year sucked SO much in every area *except* money. Everything about my life is worse, except I got a great job in January, managed to keep it through Covid, and am in the best financial shape of my life. I paid off the remainder of my medical bills, hit $10k net worth for the first time, and I'm rapidly approaching $20K net worth. So that's been nice. Oh, and I get to work from home for the foreseeable future, which is nice but yeah, pretty much everything else sucked this year.

[Mmm_Donuts]

This year has been great, financially and work-wise. I quit my job to go part time, have been working from home and it is SO much better than before. No stress, no politics, no competitive colleagues, no small talk, no manager BS, wearing sweatpants every day = BLISS.

We also reached FI due to spending less, and the market rebounding. I'm counting my blessings. In other respects the year has sucked but finances have been A+.

[OtherJen]

Back in the real world, yesterday the Mayor sent a newsletter that 150+ restaurants have closed in our town and most of their workers are now jobless.

I know it is not logical, but I feel a tinge of guilt at times.

But I know lots of people have done soo much worse and yes it make me feel guilty too like someone else said. :(

Feeling guilty is normal and logical as it means you can see and feel the unfairness and inequality of the situation. And it can be a good thing if it motivates you to act. Why not do your little part in your corner of the world to address the need you see around you?

That's how we're dealing with the guilt. There's also tremendous gratitude that we're in a position to make several donations to local organizations.

[yakamashii]

I think when people are reading it, some think you're asking whether 2020 led them to be treading water as the middle response, and then + or - from there.

Yes, that's what I meant. Not everyone starts from a good place and some people's financial progress may have "stalled" this year, meaning they are in the same position in 2020 as they were in 2019.

I thought about how to better convey the middle ground that I meant to express with the middle response. Does this help?

++
+
=
-
--

Where = corresponds to "Didn't get any further toward my goals, but didn't take any steps back".

I'll sleep on it and maybe better wording will come to me in the morning ;) If not, I'm fine with leaving the poll as is. The replies are already fascinating.

Ah, I misinterpreted it then.  2020 has been great, as was 2019 for finances.  Since it was the same, I chose the middle option.  But after reading your intent, both have been + or ++ years for sure for wife and I.  We have made good progress in both 2019 and 2020.

Thankful to have avoided being sick and kept jobs thus far.

I interpreted the question much more narrowly. I answered "significantly worse" because 2020 was a scuffle relative to 2019 for me. 2019 was fantastic: Same spending, 15% higher income, stashed 1.25x annual living expenses. 2020 sucked compared to 2019: Less spending, 30% less income, will only stash 0.8x annual living expenses, dealt with far more uncertainty with regard to work, and lost activities and opportunities that would have helped me deal better emotionally with the lower numbers and higher uncertainty.

I don't know anyone who died of COVID and didn't lose anyone dear to me this year. I still made far more than the median income in my country and region. Other people in my field have done worse, to hear them tell it on FB and Zoom. NW went up. These are all things to be thankful for, but that doesn't make 2020 better than 2019.

[yakamashii]

I'll add that when I'm looking back on a year, I don't really factor in how my stache did. I mean, it feels nice to see it go up, but the bigger it gets, the more I think, "I didn't really do that, man." It's the money doing the work, which is the whole point of this site, I know. But the stache is a long-term goal that's not putting food on the table now or anytime soon. When I look back on a year, or look forward to next year, I'm thinking more about what I actually did and will do (work, spending decisions, etc.), and how that's all going relative to the recent past and near future.

We've got a great stache, so we're going to be fine in the long run. But we're not to the point where it's doing all the work yet, and if income is going to be like it was in 2020, that point is further away than envisioned, and we're going to have to make some changes. In terms of income and the business environment, give me six or seven more 2019s.

[DeniseNJ]

Dh and I both kept our jobs, worked from home, and kept getting paid. DD didn't stay in dorms so savings there. Plus savings on vacations, gas, and the little bit of eating out that the kids did. So overall, we've saved money. Kept contributing to our stache so it's way more now that it was last year. We kept contributing during the dip and now everything is higher than it would have been without the dip. Basically, financially, we're doing great. Really sad about my daughter not living in the dorms though.

[dcheesi]

It depends on whether you count one-off costs or not. In routine spending, I did significantly better; however, there were a number of life events and changes that involved large one-time costs (not directly COVID related, though it has added complicatons to these situations). Overall I guess it's a wash, especially if/when some of these costs may eventually be reimbursed.