One of the big changes I’ve noticed lately is that spending has made a comeback! From higher gas prices to people being tired of being at home most people are spending more money.
Your spending habits and lifestyle likely changed during the pandemic. This is a good time to take a look at any habits and lifestyle changes you made and determine if these are serving you well now.
Here are some areas that you might want to take a look at if you are ready to get your finances back to “normal”:
🎵 Entertainment: This is an area where you may be tempted to overcorrect. I want you to go out and have fun, but don’t go too crazy! Make sure your budget has a line for entertainment. Be proactive and make a plan for how much you will spend in this category. If you want to go wild and spend a lot, that’s fine as long as you have the cash to do so and you make a plan for it!. Giving yourself permission to spend within a certain dollar range will feel better than winging it, overspending, and then worrying about how to pay for it later.
🛒 Grocery: At the height of the pandemic, you likely stockpiled items that were difficult to find. Depending on your comfort level, now may be a good time to revert to buying only the items you actually need at this time. If you want to keep a small stockpile that’s perfectly fine, but hopefully we are past buying months’ worth of food and paper products.
🎈 Celebrations: Are you finding that your calendar is suddenly filled with birthday parties, baby showers, and weddings? If so, this is a good time to make a plan for how much you are going to spend on each type of occasion and adjust your budget accordingly.
🚚 Food Delivery Services: Rather than going out for lunch or dinner, a lot of people started relying on food delivery services such as DoorDash and Uber Eats. Having meals magically appear on your doorstep is so convenient, isn’t it? The bad news: That convenience is so expensive – the menu prices are often more than if you purchased the food at the restaurant, there’s a delivery fee, a service fee, and then you need to tip the driver. A meal can easily cost you $15+ more by having it delivered. Even with coupons, you are likely overpaying because the coupons often don’t apply to fees and tips. If your restaurant spending is feeling a little out of control, this is an expense you may consider reducing or eliminating.
I hope this gives you some ideas on how to adjust your finances as spending makes a comeback.
