How to Avoid Over-Spending When the Economy Opens Up

Can you feel it? We’re talking about a lot of optimism looking ahead to this spring, summer and fall that things will return to some sort of normal as an end to the COVID-19 pandemic seems to be getting closer and closer.

Cases are falling sharply worldwide in a way that they’ve never declined before, likely buoyed by vaccinations and some early stages of herd immunity. Here in the U.S., medical experts say that vaccinations are about to boom in March. States are opening up their sports venues again to a certain percentage of fans, and even MLB teams have announced plans for fans at home ballparks this year.

Yes, there’s real optimism that the new normal is in the not-too-distant future. And while we still have some work to do to get there, when we do get there, many economists are predicting an economic boom akin to the “roaring ’20s” time period after the 1918 Spanish flu pandemic subsided. But while we’re all eager for life to return to normal, it’ll be important for Americans to guard themselves against overspending. In this post, we’ll share some tips and suggestions for keeping your finances in check when the economy opens back up and you’re eager to pursue the experiences you’ve missed out on over the past year.

Commit to Saving or Investing

Regardless of whether you’ve been employed throughout the pandemic or you’ve been among the millions of Americans that have struggled financially during this period, experts insist on treating the economy opening back up as if you’re getting a promotion at work.

In other words, while it can be tempting to spend more, it’s not always smart to spend more. And it’s still important to allocate funds toward that emergency savings fund or other matters. A good rule of thumb to indulge again is to reduce what you save by a few percentage points.

Reward Based on What You Can Afford

The end of the pandemic isn’t a time to throw financial responsibility out the window. You need to stick to the basics of what works for your situation, and this includes indulging only in what you can afford to indulge in. Spending money that you don’t have because you feel like you deserve it after the last year isn’t going to help your situation. It’s OK to live a little and get back to doing some of the things you’ve missed out on, but don’t forget the fundamentals.

Start Saving Now for the Return to Normalcy

One way to be responsible with your post-COVID spending is to create a savings account now specifically intended to fund what you want to do when the green light to do it finally comes. Whether it’s season tickets to your favorite sports team, a big vacation or just money to regularly meet up with friends at the bar, prepping for it now will behoove you when it’s time to live life again.


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These content links are provided by Content.ad. Both Content.ad and the web site upon which the links are displayed may receive compensation when readers click on these links. Some of the content you are redirected to may be sponsored content. View our privacy policy here.

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