When the COVID-19 pandemic began in early 2020, life as we knew it changed. Jobs were lost, travel was restricted, schools and businesses were forced to close, sports were cancelled, and many of us stayed home 24 hours a day. As a result, we spent less money on things like gas for our cars, eating out, weekly happy hours, and the latest fashions. Who needed new clothes when sweatpants were so comfortable?
For those who didn’t experience other financial hardships such as a job loss, this reduction in spending may have led to extra cash in their wallets. Some used the money extra to fund home improvement projects and online shopping splurges. But for others, the uncertainty of the pandemic was a great reason to put more money into savings. Regardless of the situation, the pandemic affected all our budgets in one way or another.
Fast forward 16 months and things are starting to look a little more “normal” again. We’re eating out more, traveling, going to sporting events, and buying new clothes to wear into the office. If this sudden increase in spending has your budget feeling out of whack, these simple tips will help get your budget back on track.
Things to consider as we enter a “new normal” include: making lists before you go shopping to avoid overspending; keeping an eye out for deals or specials that might cost you less; and always waiting 24- to 48-hours before making a large or unplanned purchase so you are less likely to regret the purchase.
While your wallet may still be getting used to a new normal, the same old budgeting tricks still apply. If you have questions about your budget, a Personal Banker from FNBO would be happy to answer them. Give us a call today or chat with a Personal Banker by downloading the Twig by FNBO app.
The articles in this blog are for informational purposes only and not intended to provide specific advice or recommendations. When making decisions about your financial situation, consult a financial professional for advice. Articles are not regularly updated, and information may become outdated.