How you’ve let your Saving Spree turn into a Spending Spree!
Following on from my last article, ‘Why Impulse buying is the biggest danger for Millennials and iGen!’, the way we spend seems to be a hot topic. Therefore, I am going to dive a little deeper..
I’d like to take you back to a time, March 2020, allow me to set the scene for you.
That dreaded word or phrase, the pandemic, Covid 19, Covid – whatever you want to call it. I appreciate that everyone would rather forget that the pandemic ever happened. However, it’s going to be written in our history books and I’m sure generations to come will be learning about this weird episode in our lives that we will never forget. (Which we are still technically in the midst of!)
Just like that, in March 2020, Boris was on our TV and telling us to stay home. A tedious few days later we couldn’t leave our houses. The world literally changed as we knew it.
No one could see anyone outside their household, no one could go to parks / playgrounds or do any group activities. We could barely leave our gardens!
I spent my first month (I’m sure like the rest of the Brits) sleeping, eating, baking and Gining – on repeat ?? which was great, until I started to look like the cakes I was baking!
Some of us were on furlough, sadly many people lost their jobs and then there were those who remained WFH (a phrase we cannot seem to escape now a days!)
I could write a list as long as my arm with all the negative points. To name a final few; mental health was at an all time low, domestic violence cases surged, the economy was plummeting – our nation was at a stand still with not even our ‘leaders’ knowing what on earth to do……
However, with all this being said – there were a few positives.
Yet, my favourite thing about the first lockdown was that the majority of us saved a shed load of cash!
My favourite thing about the first lockdown was that the majority of us saved a shed load of cash!
EVERYTHING was closed. Shops, online shops, restaurants, coffee shops, no one could even get a cheeky takeaway at first!
We were all forced to line our pockets, it was fabulous that even the non savers of this world had to save. (Unless perhaps they were having a mad time at Waitrose!) It was crazy…
My personal circumstance at that time, involved me being plopped on furlough. That ended up being for 6 and a half months. My salary was reduced to the furlough rate of 80% and yet, I’ve NEVER saved so much money in such a short period of time. Which really helped with my house saving target.
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I also used my time to sort out and sell some of my old clothes / shoes / bags etc on Ebay – from that I made a further ￡2k.
Another factor / element – as lockdown eased, my spending didn’t change much. Partially because I was conscious of my job security and wanted a backup pot just in case, but also because money and items really weren’t the things that made me truly happy. I was content without spending. That short term burst of happiness I used to get from buying a bag or whatever was not going to do it for me this time around.
That short term burst of happiness I used to get from buying a bag or whatever was not going to do it for me this time around.
By the time shops and activities etc started gradually opening up, England was having very non British weather. It’s called a heatwave. I was still on furlough and I can honestly say I had one of the BEST summers of my life. Without barely spending a dime.
I had picnics in the sunshine overlooking the Thames, I learnt how to paddle board properly and made it a regular outing. I played tennis a few times every week and got myself to a fairly decent level. I sunbathed. Went to the beach a couple times. My head and my money mindset were in a great place.
My spending, pre pandemic wasn’t great. I didn’t save enough, I spent too much often. I do indulge from time to time still. However, I often reminisce on that first lockdown. Remind myself of the great saver I was and without sounding to self assured, I’m continuing doing a great job. In fact, my partner and I just exchanged on our first house a couple weeks ago.
Now, I appreciate that we can’t fully go back to Covid level saving. But I know we could all do better. The pandemic was a total nightmare. Let’s not let it be a total nightmare without having learnt something.
The pandemic was a total nightmare. Let’s not let it be a total nightmare without having learnt something.
A lot of us have sprung back into bad habits, spending and not saving, perhaps your even in debt. I even asked someone how they were the other day and their response was ‘yea, same old really – but with more debt than the last time I saw you’. Yikes. Or your spending even more than pre pandemic as you feel like your catching up on lost time still.
This article is relevant to EVERONE. I don’t care if you’re in your 20s / 30’s / 40’s / 50’s / 60’s. It doesn’t matter what you do for a living or whether your employed, self-employed, own your own company. It doesn’t matter if your making ￡30k, ￡50k, ￡100K, ￡200k. Even the wealthy can do to excess. We’ve all heard rags to riches stories, we’ve also all heard riches to rags stories…
We’ve all heard rags to riches stories, we’ve also all heard riches to rags stories…
I want you to try one of these exercises to test your self-restraint and to perhaps put you into a good habit once again;
I’d like to think that I have a good influence on those around me, friends, family etc.. in regards to how they keep their finances. My vision is that you read one of my articles to even just get you thinking in a different way in terms of your money mindset. Perhaps I’ll pop up in your head upon your next purchase and maybe JUST MAYBE Ille stop you from buying something ridiculous ??
Chow for now