As lockdown lifts for those living in New South Wales and Victoria, your social diary is very likely filling up like no tomorrow. With dinner dates, holiday plans, deep remedial massages and much-needed mane-taming, it’s normal to feel overwhelmed about all the planning (and spending) ahead.
Whether you’ve been able to save through these past months or would like to start a new post-lockdown habit, ME has you covered with a handy guide that will help keep some restrictions in place when it comes to your budget.
1. Prioritise plans
It’s normal to want to do everything and anything after many months of doing nothing (Netflix and Uber Eats aside), but you can pace yourself by spacing out dinners or events with friends and family. This will help curb the splurge while giving you time to replenish your social batteries and bank account balance.
2. Keep it real
It’s important to be realistic about your budget as you start engaging in activities and the real world. Don’t put pressure on yourself to keep saving the same amount as you did during lockdown – because the reality is that version of life was very limited. List the things you’d like to spend on now and outline how much you’d like to save. Try your best to stick to it so you have a clearer picture and fewer surprises. And if you do go a bit over in the first month out, don’t beat yourself up, you’re just reacclimatising.
3. Set up your freedom fund
Another way to easily budget is by having a freedom fund or party stash. You can save for all the things you love and want to do by following the 50-30-20 rule. This means you can aim to spend 50 per cent of your income on needs (rent, utilities, food and bills), 30 per cent on things you want (your fun fund) and the remaining 20 per cent goes into savings.
4. It’s okay to say ‘no’
If there are things outside your budgeting goals, or if you’re readjusting to a busy social life, it’s absolutely okay to say no to plans. It’s essential to be honest with friends and family, especially if the pandemic has hit your finances hard and you’re feeling overwhelmed with social anxiety. Take the night off, whack on a face mask, curl up with some comfort food (hello, Maccas) and enjoy your own company. You do you!
5. Hit ‘unsubscribe’
If lockdown has left you with a growing list of subscriptions, it’s time to do a little spring cleaning. Whether it’s workout apps, meal subscriptions or five different streaming services, review what you really need and what you won’t be using now you’ll be able to hit the gym and picnic all weekend. Get cancelling so you won’t get a shock when auto-renew sneaks up.
6. FYI, you can still DIY
From spa rituals to homemade meals, you can still practise your make-it-at-home skills. Instead of another dinner night out, invite friends over and get each person to bring their ‘special lockdown dish’ – you can all have a ‘sourdough off’. Also picnics, which were once deemed the least appealing of all social opportunities, are BYO food and drinks, music of your choice and a portable venue.
7. Mindfulness matters
All the time in lockdown has given everyone plenty of space to think about what truly matters – their hopes and dreams and what brings them joy. Think about what you’ve really missed and what you were able to manage without. Maybe you didn’t really miss the weekend shopping sprees but did love your morning ritual coffee at the local cafe. Reassess what you enjoy spending money on – big or small – and then get back to spending on what feels meaningful to you.
8. Save for a long time, not just a good time
If you’ve got a long-term financial goal, sometimes sacrifices have to be made, and that’s okay. Missing a few big nights out sucks, but having a few big nights in your first home will be worth it. Ditto a few sacrificed Thai food deliveries to have the real thing in Koh Samui. While it may be tempting to splurge and dig into your savings, keep those long-term budgets in mind so you don’t have to start again from square one.
After spending all this time in lockdown, you may have forgotten how expensive it is in the ‘real world’, so cut yourself some slack and lay off the guilt-tripping. It’s fine to factor in some a few treats and mood-boosting indulgences as long as you find a balance that works for you.
This article is prepared based on general information. It does not take into account individual financial objectives or needs and is not financial product advice.