As the pandemic brought great uncertainty to the masses, you likely locked down your pocketbook like Fort Knox. But now that everything is opening back up and moving toward normalcy, the urge to splurge is on the horizon. Dubbed revenge spending, this phenomenon occurs as you bounce back from your overly Scroogelike ways – and want to buy up all the things you missed out on in the past year. While that might sound like a lot of fun, it has the potential to decimate your finances. So, skip the fanfare and avoid pandemic revenge spending with these tips.
Budget Your Heart Out
Although you did a great job tightening up your budget as the pandemic raged on, you can’t stop now. If you throw all caution to the wind, you could undo all the hard work put into improving your finances.
Instead, reassess your budget and see if you can’t work a little extra fun money into the equation. Also, aim to add a couple spend-free weeks that open up funds for the big purchases you might have in mind. You can then spend a bit more than normal without wiping out your savings – resulting in a win-win situation, for sure.
Let Planned Purchases Simmer
To keep pandemic revenge spending at bay, take your time when it comes to completing purchases. Whether you’re looking to travel, buy an appliance, or just want to shop for clothes, take a step back before you check out.
By letting the purchase simmer for at least 24 hours, you can avoid impulse buys and only get what you really want. For a little extra help in this realm, think about whether you would rather have the item in question or its purchase price in cash. If it’s the cash, then skip the purchase and keep that money in your bank account.
Shop Around for Great Deals
If you do decide to move ahead with your purchase, shop around a bit to see if you can snag any great deals. When shopping online, consider downloading a trustworthy browser extension, like Honey. Extensions like these either search the web for promo codes or let you know if other retailers offer a lower price.
You can also explore all the Jobble perks to see if there are any money-saving opportunities available. You can easily find discounts on cell phones, pet supplies, kitchen appliances, gas, and a whole lot more in just a few minutes.
Beyond that, if second-hand will work, check Craigslist, Freecycle, or your local Buy Nothing groups for leads. By simply putting out a request, you can usually snag items, big and small, that your neighbors no longer need. It’s rewarding for everyone, too. They get to toss out unneeded items while helping a neighbor, and you get to keep revenge spending at bay and save your money for a rainy day.
You Can Avoid Revenge Spending While Still Treating Yourself
Now that you know what revenge spending is — and how to avoid it — you can skip out on the urge to spend all your hard won dollars. And you don’t even have to go without all the things you want most.
About the Author: Marie Abendroth is a skilled content strategist and SEO copywriter who has been a proud part of the gig economy for over 10 years. In her articles, she aims to provide up-to-date info that can help everyone achieve their goals as an independent worker. You can find her on WriterAccess.