Quick Simple Tips to NOT Slip Back Into Your Old Spending Habits
There was a story on NPR radio about how Americans are spending their stimulus money, and the story made me smile. It stated, for the most part, Americans weren’t spending money, but saving it instead. Plus when we did spend, it was for car or home repairs, paying down debt, credit cards, and things like that.
And THIS is one thing, well one of many things, I personally want to glean from 2020 for myself and my clients. Let’s not run back to our old spending bad habits. Let’s continue process of spending less.
Of course I am not saying to stay in “financial lockdown” mode. 2020 was a forced savings plan, but now the responsibility is shifting back on us and we need to have a realistic plan in place to control our spending post lockdown. People are getting vaccinated and states have loosened or ended lockdowns restrictions. So it’s getting easier to return to the familiar, our old financial norms. Especially when many of us are really (REALLY) ready to get to our pre-pandemic lives.
However, here’s a question for you,…should we? 2021 could be a great time to re-evaluate past spending and savings behaviors that, to be honest, were not serving us well. Ask yourself this, “Was your old financial plan really working for you?” If it wasn’t, take the time to adjust your plans and make the decision to do something different.
See Monday Money Tip 05-31-2021 for additional questions to consider when making large purchases.
So to help out, here are five tips on how to spend less, but still live, in 2021.
Track your spending. 
Money can be like water and slip right through your hands if it doesn’t have a purpose and isn’t tracked. Before you realize, your hard earned cash will be gone and you will have no clue where. Watch spending by using a budget. Yeah, I know. They aren’t sexy, but they are effective. Then if you see spending creep up, make adjustments before it gets out of hand.
Eat at home…STILL.
I personally pushed the limits of my culinary talents in 2020 by Google searching for new healthy and delicious recipes because we ate in so much. I was trying to keep things interesting on the plate and for me as the cook. Let’s continue with that mindset in 2021, and keep dining out to a minimum.
Make a grocery list BEFORE you shop.
With the pandemic, social distancing, mask and etc. I really didn’t want to be in the store any longer than I had to be. So I became diligent on making a shopping list in 
my phone. This one little thing saved me money plus made my trip more efficient, faster and I wasn’t standing in random isles trying to remember what I came in there for. (That can’t just be me…right?)
Spend on necessities FIRST.
Yes! Before you consider discretionary spending or splurging, ask
yourself, “Are all my essentials/necessities paid?” If the answer is no, ask yourself, “Is what I want to purchase essential/necessary?” If that answer is no, it’s a good indication the purchase could wait. It’s more important than ever to secure your basics, food, utilities, housing, transportation, and I am going to add to the list SAVINGS, FIRST and completely before any extra spending.
Don’t take on new debt.
Even with the economy recovering, this may not be the best time to go into additional debt or debt at all. If you were able to pay down or even pay off debts, think long and hard before you start the cycle over again. Conquer the urge to go into debt simply because you have a want or the item is a good price.
Those are my five tips. Do you have any spend less tips to share? If so, email them to me, or message me on Facebook. I would love to feature some of the tips I receive in a future blog.
Thanks and Be Blessed
Theresa
