Enduring the past couple of years has imparted a myriad of financial enlightenments upon us all. The significance of rainy day funds, establishing job loss benefits, keeping your details current; all valuable points to bear in mind. However, ponder this: how much did you splurge on spur-of-the-moment purchases and luxuries while cooped up at home compared to usual? Probably less, correct? Whether due to reduced overall funds or because staying in limited your spending reasons, you likely managed to save a few bucks recently. It’s worth striving to uphold this, even post-return to normalcy (whenever that may happen).
We are all well-acquainted with the allure of impulsive expenditure. You itch to sample a new eatery, yearn for a fresh video game, or feel the urge to revel with friends; indulging in such desires once in a while is fine. As long as your essential needs are met, it’s acceptable to treat yourself occasionally. Yet, it requires a strong mindset to deliberately resist this impulse when you realize it’s imprudent to spend. Thanks to the pandemic, you now have a tangible reminder of the outcomes of either not being able or choosing not to spend money on such things: more financial reserve, to save for a later date or allocate to truly crucial expenses.
Although the timeline for a return to normalcy remains uncertain, it will inevitably happen. When that moment arrives, you might be eager to resume spending freely, and contributing a bit to your favorite activities could benefit the economy. Nonetheless, keep in mind that you have the ability to exist without frivolous spending. Remember this lesson when the urge strikes.
