How to Avoid Revenge Spending Post-Pandemic

Even if you’ve been saving extra money during the pandemic, it’s important to be wary of going overboard and splurging too much once the it’s over. All across Canada, household savings have gone up as many people have stayed at home and spent less on their usual activities. However, revenge spending could lead to serious budgetary and future financial problems if you’re not careful. Here’s your quick guide to spending wisely and avoiding excess splurges post-pandemic. 

Wait a Week Before Making an Impulse Purchase 

Impulse purchases are one of the easiest ways to drain your bank account and spend more than you meant to is to. These purchases usually involve buying an exciting new item that catches your eye while you’re out and about, even though you hadn’t planned on buying it before leaving the house. Impulse buying can be addictive and difficult to give up, making this an especially dangerous habit. To avoid this issue, you can simply push yourself to wait at least a week before deciding whether to buy a given item. Oftentimes, you will have forgotten about the item by the time the week is up, saving you money on what might have been an unnecessary purchase! 

Create a Fixed Budget for Personal Expenses 

It’s ok to spend some money on entertaining yourself or caring for yourself, but it’s also important to avoid burdening the rest of your budget because of these personal expenses. You can give yourself permission to splurge sensibly by working personal and entertainment spending into your fixed monthly budget. To do this, you should: 

• Calculate how much you can afford to set aside for personal spending each month 

• Track your entertainment and personal expenses to avoid going over budget 

• Revise your budget monthly as circumstances change 

Shop Smart With Sales, Coupons, and More 

Even if you enjoy a little freestyle shopping from time to time, you can still save money by looking out for opportunities to save. Switch to shopping the smart way by making use of the following tips. 

• Wait to purchase items you’ve had your eye on until they go on sale 

• Clip physical or digital coupons to save money 

• Buy groceries in bulk to take advantage of special discounts 

Although it may be tempting to splurge after the pandemic and start spending the cash you saved during quarantine, a smarter move is to budget and spend sensibly. To avoid accidental revenge spending, be sure to use these easy-to-follow tips. Your bank account is sure to thank you in the long run!