Despite the pandemic still being an ongoing issue, I think we can all agree that things are more or less back to normal on a social level. This isn’t to say that we still shouldn’t be taking COVID-19 seriously and not still maintaining proper precautions when it comes to mask-wearing and social distancing, but it’s more to set the stage for a new issue that I’ve seen a few people struggle with.
Budgeting problems, particularly overspending, have been more taxing now that we’re allowed to go out and impulse purchase again.
Now that people’s friend groups are meeting up outside more frequently, be it going to malls or restaurants or even just window shopping together, I’ve noticed that I’ve been spending a lot more money than I ever have, even pre-pandemic. My personal theory for this is that it’s a result of unlearning the restraint that existed before. After all, it was easier to practice spending in moderation beforehand as it was a more constant thing. Now, though, with a few years gone by without the ability to freely walk outside and shop, the earlier restraint has pretty much melted away.
The fact that spring is here and summer is coming up doesn’t help this at all. I know a lot of people who are clamoring to get an entirely new wardrobe just for the warm weather.
I’ve started working on curbing my spending levels, as it’s gotten to the point where it’s frustrating (maybe those articles about not buying a daily iced coffee make sense) but it’s been a lot of trial and error.
The first thing I did was become more cognizant about the amount of money I’m spending versus the amount of money that I’m earning. Even then, though, it’s not exactly the best idea to spend as much as you make. Being younger and still living with family doesn’t mean that you get a free pass to develop bad spending habits that will be harmful in the future (trust me, I know).
If you’re able to write down and track your expenses, it should become easier to determine what it is that you’re spending the most money on. I know that some people spend more on unnecessarily eating out while others spend more on clothing and accessories.
Once you’re able to figure out what exactly your weak point is, you should be able to make an effort to avoid it more consistently.
For reference, my personal weakest spot was spending excess on new clothing in preparation for the upcoming seasons. To combat this I stopped going out to shop as much to avoid any temptation, started looking at the clothes in the back of my closet to find old favorite pieces and started allotting a small amount of each paycheck specifically for clothing shopping. By properly learning how to budget this out, I can still get new pieces without completely breaking the bank.
It feels strange to say, but I never had an issue like this pre-pandemic. I think half of my issue is the new excitement that comes with going out to malls and shopping centers that hadn’t existed before everything was locked down for a while. Re-learning how to budget and control finances has been an absolute pain, but it’s necessary in order to keep from permanently developing harmful spending habits!