According to CBS this Sunday morning, “over 60% of Americans are planning to travel on vacation this summer.” We are post peak of the pandemic and many people are jumping at the opportunity to get out, do some things and have fun socially – something we have been unable to do since March 2020 – and for those of us in the winter tundra of the north – since September/October 2019.
The human urge is to jump on board and get going – whether it is a vacation or new car or clothes to look fabulous, we are making moves. The issue will come up if we are not making conscious well-thought-out choices.
After all, so many were nesting during the emergency orders that the housing market went crazy. As did the remodeling market. Yet, according to the experts, almost 30% of people who bought houses regret their decision.
So before you do any more spending beyond the basics, take a moment to set an overall intention such as remaining financial stable. Review your values.
Then, take the following steps:
1. Reassess what you need and want in your safety account.
This is the money in savings for unexpected events. Just because we experienced a once in a hundred years pandemic, does not mean another event will not strike you personally or the world globally.
2. Plan what you want.
Over the past year and half, people have gotten great at naming the basics that they need to spend on and a few extras, like Netflix and Door Dash, to get them through the hard times. So planning that vacation or for new clothes or sporting equipment the time has come. Rather than an unlimited budget or credit card long term pay off, decide now what is reasonable to spend.
3. Set aside that amount you need
Either in cash, a separate savings account, or noted with a sticky note on your credit card. That reminder will help you stick to plan and give you permission to spend without going over the plan.
4. Enjoy!
If you do not enjoy what you spend on, then there is no sense to money at all. We are meant to have fun. Buying with a plan helps you have no regrets.
Be Smart, Be Slow and Thoughtful as you emerge.
Conscious Choices, Live Peacefully.