Whether you experienced job loss, moved, or used the time to save up for an important purchase, the pandemic influenced personal finances considerably. Now that we’re starting to move back towards a new normal, it’s important to reassess our spending habits to ensure our new way of life is in line with our long term financial goals. Today we share three tips for checking in with our money as we return to socialization.
Assess your life values
Dinners with friends, movies, and concerts can add up quickly! These expenses are fine if they are what you choose to do with your money, but if you’re saving up to buy a house or take a dream vacation, they might be holding you back from your ultimate goals. Make a list of your financial goals for the next year or five years and keep it in a visible location in your home. When making money choices, consult the list to reflect on how the choice will play into your long term goals.
Realign your money flow
Budgeting isn’t fun, but it’s the most effective way to make sure your money is going where you need it to. Look at the new expenses you’re facing and figure out how they fit into your financial landscape. If you’re going to be paying for a gym membership again, maybe you’ll have to cut back on your weekly takeout orders.
Invest in your energy
As we return to social life, we’re not only spending more money but expending more energy as well. All the activities knocking at your door can be exhausting, but connecting your social energy with your financial spending can help you keep your money in check without running yourself ragged. Think about what activities will be most rewarding for you and focus your time, energy, and money there.