As stores and businesses slowly start to reopen, there are two big questions that you should be asking yourself. Two questions that will have a significant impact, either positive, or negative, on your finances.

 #1- What costs do you have coming up for services and product purchases that you have not been able to do/buy?

If you’re anything like us, these items will carry a hefty price tag. Here are a few of the items that come to mind, and how we have been planning for them:

·      Haircuts-For both my hubby and me. Mine being significantly more expensive than his! While he did get an awesome haircut from me for the low cost of a pair of clippers, I don’t see this becoming the new norm. (Total cost ~$200)

o   Hubby get a haircut ~ every 4 weeks so it is in our regular budget, I have the cost of his next haircut in our planned spending.

o   My haircut is less frequent, but more expensive, so we set aside a little but each month. I missed a scheduled appointment at the end of March, so we have the total cost saved up. The total cost of my next haircut is also hanging out in our future planned spending.

·      Physio/Chiropractor/Massage/Fascial Stretch Therapy-This makes us sound like we are falling apart, but I promise, we are only kind of falling apart. J We aren’t getting any younger and I am really missing my RMT and stretch therapist. I usually alternate the two about every third week. Thankfully all but the stretch therapy is 90% covered under our benefits. I paid for 12 session of stretch therapy late last year, so this won’t hit us in the pocketbook too much, but I wanted to include it because it could be a significant cost. (Total cost after benefits ~$35)

o   As this is a smaller amount, we will cover it out of our pays as it comes up.

·      Golf-Here in Ontario, courses have the green light to open and my hubby is going to take full advantage.

o   This is something we save for all year, so it doesn’t put a strain on our cashflow all spring and summer. So it doesn’t put a strain on our relationship, each spring we transfer a chunk to his personal spending account to cover golf for the season. That way we don’t get any surprises. Golf used to be something that went on our credit cards and it contributed to some large bills which were not in our budget. Our current plan is so much better for both of us, and our bank accounts.

·      Costco-Yes, Costco has been open, but I have not gone because I don’t actually have a membership. I typically go every few months with a friend and stock up. We were getting close to time to go when the world changed. When we are able to hit up Costco together again, I anticipate a larger than normal bill. Usually I spend ~$300 every other month. (Estimated cost ~$450)

o   We typically set aside $50 per pay for Costco, so we have been continuing to let this amount in our planned spending grow.

Any money we have planned for, is sitting with the amount as a placeholder in our cashflow. What that mean as we basically consider it as already spent when we are making financial decisions.

#2- What items have you NOT been spending on, or spending significantly less than normal on? Be conscious of adding them back into your regular spending.

This virus has changed so much for so many of us financially. Out of necessity, and because of physical distancing rules, many items have come out of our monthly spending. I encourage you to pay attention to what has items you have NOT been spending on and evaluate if you want to add them back into your spending.

Here are a few items to think about here:

·      Gym memberships-Have you settled into a solid workout routine without the gym? I have been seeing many people working out at home gyms that they have purchased equipment for. If this is you, maybe you want to consider pausing or cancelling your membership.

·      Activities for your kiddos-Many of my clients with small children are re-evaluating how many activities they put their kids in each season. With the lack of activities, they have found that they are enjoying more family time together playing games and being active. Many are planning on reducing the activities they are scheduling for their families.

·      Restaurants/Entertainment-With so many of us home ALL the damn time right now, there have been so many more meals made at home. So many culinary skills have been learned, and I hope you continue to use them. I plan to focus really enjoying the money we spend on eating out by using it for sit down meals with friends where we aren’t rushed and have lots of time to visit.

·      Travel-With how cooped up most of us are feeling this could be a big one for many. If you have been managing with a reduced income over the last few months, I really encourage you to be very intentional when we are able to travel again.

o   If you love to travel, a travel savings account that you contribute to each pay can be your best friend.

·      Random, mindless shopping for crap you don’t need-You know what I’m talking about right? All of the items you purchase when you stop into (insert store you love, Target, Winners, Bath and Body Works, the mall). You don’t need them, you don’t even use them half the time, but you buy them because you are bored and killing time. Please, please, please, do not go back to this mindless shopping. When the malls open back up, I can really see this being a huge financial hit to many households. I’m not saying never go shopping again, what I am saying is that I want you to pay attention to what you are buying. This one step will have a huge positive impact on your finances.

I see several silver linings coming out of this pandemic. At the top of my list are that it has made us slow down and focus more on what we actually NEED to survive. I’m not suggesting that you don’t add anything back into your spending once you are able to, I am simply encouraging you to be very intentional with everything you allow back into your spending, and your calendar. Let’s not go back to the way we were before. Let’s take the lessons we are learning right now and remember them.

Sherry