Money Habits To Keep After Covid-19

Summary

Money Habits To Keep After Covid-19

Our lives have changed drastically since the COVID-19 pandemic began. Unfortunately, most people are forced to work from home, while others have lost their source of livelihood. Our social lives have been affected. We can no longer mingle with family and friends as often. Even social events such as weddings and birthday parties are conducted on social platforms.

However, the most significant change has been to our financial lives. People have had to change their money management skills to survive the pandemic. We have made some positive changes, which we should carry on even after the COVID-19 pandemic is far behind us.

Financial Insecurity

Since the pandemic began, most people have had to cut down on their expenses. The move is because money has become hard to come by due to job insecurity. Another contributing factor is that we do not know when the pandemic will end; therefore, we have to save as much as we can for the uncertain future. Most businesses that are classified as "non-essential" have closed shop. They include restaurants, bars, and movie theatres. As a result, millions of people have lost their jobs. In recent weeks, some states have started easing up their containment measures and allowing more businesses to reopen. However, it's still not business as usual. I have decided to take an in-depth look at my spending habits since the pandemic began. Let me share with you my financial findings below:

How I Spend Less And Save More

You need a budget to know how you are spending your money. You are probably wondering, how did my spending decrease yet my expenses remain the same? The secret is this: quit spending on non-essential costs. Your utility bills such as rent and electricity, still have to be paid. However, there are places you no longer need to spend money such as;

  • Restaurants
  • Bars
  • Movie theatres
  • Travel

Financial Habits to Retain After COVID-19

1. Eat at home

Most of us have a financially unhealthy habit of always eating in restaurants or ordering takeout. How difficult can it be to prepare a home-made meal? Cooking at home is healthier and saves you unnecessary spending. When you make your food, you will prepare it just how you like it and in the right portions. Cooking also helps you improve your mental well-being. You can practice mindfulness by fully concentrating on the process of cooking and eating.

As much as I'm advocating for eating at home during this pandemic, I'm not saying you should limit yourself to it forever. After the pandemic, you can eat out for special occasions such as dates or to treat yourself. However, make eating a permanent lifestyle at home to improve your financial, physical, and mental health.

2. Drink Less

It will be a lie if I say I hate my glass of wine or occasional whiskey. However, I haven't been to a bar since the pandemic began because they have shut down. Drinking in a bar has a different vibe to it, a sort of excitement. Since I can't create this at home, I have reduced my drinking. I don't mean that I have quit drinking.

I occasionally order for delivery from my local liquor store. Drinking at home is still far cheaper than at any establishment since, in a bar, you have to keep ordering drinks for as long as you are there. Reducing my alcohol intake has also improved my health. Therefore I'm spending less and getting healthier.

3. Say Goodbye to Constant Clothes Shopping

I'm a sucker for fashionable and high-end clothes. I'm always looking out for the latest releases by iconic fashion brands. I also tend to buy clothes, depending on how I feel about my body at the time. Some of you may not relate to this, but we can relate to having different sets of clothes for various functions. We have work clothes, gym clothes, party clothes, casual clothes, etc. All those sets of clothes cost money.

Most of the time, being at home has made me realize I don't need most of these clothes. Currently, I'm usually in my PJ's all day. I have realized I only need staple clothes that I can wear to different places rather than separate sets of clothes for every function. Adopting a minimalist look has reduced my spending on clothes.

4. Reduce Entertainment

Before the pandemic, I would spend thousands of dollars to attend live concerts of my favorite artists and bands. However, after the COVID-19 pandemic, I have realized I can survive just fine listening to my favorite tunes in the comfort of my home.

Not attending live concerts has helped me save the money I would pay for such concerts. Even after the pandemic, I have resolved to attend fewer live concerts to reduce my expenses. A bit of advice, participate in local shows, and that way, you spend less and support local artists.

5. Exercise at home

Did you know you don't need your fancy and expensive gym subscription to keep fit? Your home is enough space and environment for you to exercise. Also, you don't require costly exercise equipment to get the job done. Utilize online platforms such as YouTube for free exercise tutorials. Additionally, there are online gym instructors who charge far less than your local gym subscription. Build your health and wealth by spending less on exercise.

Final Take

The COVID-19 pandemic had helped me realize that I have been spending so much money on non-essential things. I plan on keeping up the financial habits that I have picked up to reduce my spending, even after the pandemic. I have also realized that some things I spent money on don't align with my real interests. Take this time to re-evaluate your life and know what works best for your lifestyle. The pandemic has negative impacts, but there is light at the end of the tunnel. The money moves you make now can change your financial life for better, and for life.

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