How Did Your Expenses Change During the Outage?
My budget now makes absolutely no sense.
My gym has stopped charging me, my insurance company is giving me a discount, and any trips I saved on are canceled until further notice.
And although I spend almost zero dollars in bars and restaurants, my usual weekend budget is more than I usually spend in the grocery store.
If you look at my budget, a spreadsheet that I organized and configured, and rely on to keep me in check, every category is out of order. I’m so far from control, it’s not even funny.
Are you experiencing the same right now? What’s going on with your budget?
The pandemic and its associated stay-at-home orders have forced us to rethink how we spend time and money. And while you may find big savings in some areas – like childcare and transportation – you might also see growth in other areas that are usually pretty predictable.
It is also worth considering online shopping. A Wallethub poll found that 43% of people admit to “shopping for convenience” during a pandemic, spending on everything from alcohol and beauty products to entertainment and exercise equipment.
To be honest, with all my savings accumulated during the pandemic era, in fact, I just reallocated my spending. I definitely made some ruinous purchases under the excuse “Well, I’m not spending money on coffee shops / mall / gas now.”
So I got a home bike (because the gym is closed!) And a new vacuum cleaner (I need a better one if I’m going to be at home all the time!).
So what’s going on with your budget now?
Are you spending more money or less? Are you shopping more or focusing on what you already have at home? Do you already understand how this adaptation period can lead to some long-term changes in the way you manage your money?
Share your observations with us in the comments.