Silver Lining to Spending

Quick note for your weekend thoughts.

As difficult as it has been to find a silver lining to the pandemic, there have been one or two recurring themes that could be classified as positive, or at least opportunistic. One theme is that a fair number of people with whom I have spoken have reported far lower overall (or at least discretionary) spending in the past couple of months compared to “normal” times. Think:

  • Going out to dinner & drinks
  • Travel… whether weekend or vacations
  • Hair color & hair cuts
  • Nail salons
  • Massage & spa appointments/memberships
  • Traditional Gym memberships
  • Kids’ camps & activities
blue and white sorry we re closed wooden signage
As long as we are stuck with the coronavirus for a little while longer, there are ways to use this time to come out on the other side smarter and more aware of spending

Other activities may have taken the place of several of these, but overall, I can report that a great number of people are talking about having spent far less in the past nearly 3 months. Several people have even asked me, “What do I do with all of my savings from the past 3 months?”

At most basic, this situation presents the opportunity to analyze where money WAS spent – specifically to understand what items seem to have been priority expenses. At the same time, perhaps the experience of having “gone without” certain lower priority services and items for 2½ months could make it easier to streamline how money is spent – and saved – going forward.

No one wanted this pandemic and nearly everyone wants it OVER. But as long as we are stuck with the coronavirus for a little while longer, there are ways to use this time to come out on the other side smarter and more aware of spending, which could lead to greater savings as a buffer and survival tool for future challenging times.

 

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