How to Start Your Post-pandemic Financial Spring Cleaning

StrategyDriven Practices for Professionals Article |Post-pandemic finances|How to Start Your Post-pandemic Financial Spring CleaningAcross the world, the COVID-19 pandemic has brought nothing but economic volatility, social unrest, and widespread unemployment. The financial challenges have significantly affected the personal finances of millions of people. As vaccines continue to roll out and things are somehow returning to normal for some countries, many are still financially recovering from the recent economic shock.

Despite the many hurdles caused by COVID-19, the financial uncertainty has inspired people to save more and slow down their usual spending habits. Many turn to banks to open savings accounts and earn bigger interests. This gave them a strong financial foundation for their future and stability regardless of the economic situation.

But as businesses are starting to reopen, experts say that people will be spending money to compensate for the lost time during the lockdown. These include things they haven’t done for a while, such as traveling, shopping, and dining out. Whatever adventure you’re planning for these days, it’s still important to have a good hold on your money. To help you in your post-pandemic spending, here are ways to be more financially secure.

Step back before moving forward

Before starting your financial spring cleaning, take time to evaluate how the pandemic affected your family and finances. Think about the financial adjustments you’ve made during the pandemic and decide whether you want to retain or let go of those new habits.

For example, many have to give up gym memberships in exchange for free workout tutorials on YouTube. Would you reapply for a membership or continue working out from home? If you can reap the same results without spending more, you might as well pocket your money.

The same rule applies to those who frequently order fast food meals or dine in at restaurants. Did you learn how to cook a variety of dishes during the pandemic? Will you still order or go out to eat? Or would you rather keep the money?

At the same time, don’t forget to reassess your new spending habits during the pandemic. These habits may include the use of food delivery applications, the knack for online shopping, and other activities that cost you more money. Take time to identify all these behaviors and determine which ones are worth keeping and which ones to let go of.

Stop making comparisons

Did your friend already book a vacation outside the country for the summer? Did you see your neighbor’s Facebook post about their recent kitchen remodeling? Whatever everyone’s doing right now, the last thing you want is to let yourself get drowned from envy. In other words, don’t let comparisons eat you away and your money.

Making comparisons is a slippery slope and won’t do anything good. Doing so will make you start noticing the things you lack and be less grateful for what you currently have.

Social media is the fastest way to get that comparison bug. Instead of minding your own business, you’re wasting time on the newsfeed checking your friend’s latest gadget purchase, the new item from your favorite shoe brand, or a super cool room decor. A few minutes more, and you get a twisted feeling in your gut that makes you feel jealous and miserable at the same time. How wonderful would life get if you had all those things?

Marketing advertisements are designed to make you realize the things you don’t have and make you spend money. Ads show up on your feed because of your previous purchases, search history, and the pages you follow. While it sounds scary, you should be bothered about how these things are making you waste money! To avoid impulsive purchases, limit your time on social media or take a long break.

Delay your purchases

You probably spend a lot of time at home for several months, and you’re now itching to visit a salon, buy a new set of pants, or go out with your favorite people. For many, the end of the pandemic means more time to splurge and make up for the lost time.

Delayed gratification was very common during the lockdown – people learned to delay their purchases to save more money and live a simpler lifestyle. But as things go back to normal, continuing to delay the gratification will help you stop your shopping urges. Give yourself at least one or two days before buying. This will give you enough time to decide if the item is something you really need and worth the money.

Amid the sadness, uncertainty, and global unrest, managing your finances may seem tough. But this only takes minimal effort to reap significant money-saving outcomes, which can put you in a better financial position in the years to come. As the pandemic slowly subsides, use the opportunity to reevaluate your spending habits to live a comfortable life, no matter the situation.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *