Life after the pandemic does not mean splurging
As the middle of 2021 is approaching, it seems that little by little the world is returning to a sort of normality after the pandemic had it as a hostage for several months. Even though the situation does not apply to all the regions, some governments have managed to vaccinate a huge amount of the population allowing flexibility around restrictions. With going back to the activities before the pandemic, personal finances might be affected all over again when people fall into damaging consumerism habits where money leaves the pocket without a purpose.
The fact that now people can go out for dinner to a restaurant or attending concerts, this shouldn’t be done every single day just because now it is a possibility or ‘to make it up for the time lost’. Even if it is true that, for months, we weren’t free to do a simple thing such as meeting up with friends for drinks, this shouldn’t lead us to go outside the budget and splurge all the money that we saved.
If there is something that the pandemic taught us was that the world as we know it might change in the blink of an eye. Out of a sudden, millions of people lost their jobs and were forced to survive with their savings or through the actions implemented by the governments to provide some kind of relief during the situation. The lesson is that nothing is for sure and you must be prepared before an incident.
Don’t spend your savings!
Spending the money that you saved during these past months without sticking to a budget that controls the way you invest, might leave you again without any savings. It might seem that the pandemic is being left behind, yet the world’s economy is still affected and there is a lot of uncertainty around new waves of COVID-19. Still, you must be cautious about your financial situation and not thinking that everything is under control because we no longer have restrictions.
This is not about not going out for dinner -of course, you can- as long as your budget allows you to do so. You might have friends that want to meet every single week ‘because during the pandemic they couldn’t’ and want to make it up for it, but if you don’t have the money to afford it, you will have to say NO, thank you. Another thing you shouldn’t do is attending every single event that you are invited to just because for several months you couldn’t go anywhere. Choose those that genuinely interest you and that you can afford with the money you earn, not with the savings you manage to get after all those months under lockdown.
Do not fool yourself with what you see in social media nor believe that you need to must go on vacations right away because for several months it was only an illusion to do so. Be cautious, plan for all those expenses that are worth it for you, and not feel that you are going back to life as you knew it before the pandemic.
COVID-19 pandemic has been a tough situation, in every single aspect, for everybody around the world. Like it happens with every crisis, there are some lessons learned that must be useful to face the future more prepared and not falling into the same mistakes. By avoiding splurging the money you saved during the pandemic, you will also be preparing for future situations that might happen.