We’ve been talking a lot about budgeting, spending, and saving money, but what we have yet to touch on is how the pandemic has affected these things and how you may be feeling. While everyone’s financial situation differs and the coronavirus pandemic had a different financial impact on just about everyone, take a second to think back to your financial habits when we were in lockdown.
Were you saving tons of money since you weren’t going out and spending on things such as dining, travel, and clothing? Were your paychecks going right to your savings account and towards other investment vehicles? We saw an interesting article in the Wall Street Journal regarding a young man who felt he was in the best financial position he has ever been during lockdown. Since he retained his stable income through the unprecedented times, naturally his expenses were lower as there was not nearly as much to do and spend on. Can you relate? If so, has this feeling of financial power and abundance of cash flow changed in the last few months?
As we head into the last quarter of the year and the world is starting to resume to a sense of normalcy, with many individuals dining and traveling again, are your expenses starting to creep up? Most likely they are. Despite these changes and fluctuating expenses, keep in mind that it’s okay to adjust and find a new balance in your spending. If you feel that you are not able to save as much money as you were, make sure that you take a step back, think about your wants versus your needs and create purpose for each and every bank account you have. Life gets complicated and things change, but adaptability and making a financial plan will help you navigate these changes. If you have any questions about creating a financial budget or plan for your situation, let us know at email@example.com or schedule a complimentary 30-minute consultation here.