I learned a powerful lesson about spending money during the pandemic, and I’m doing 2 things to make sure it sticks

• I’m already feeling the pressure to spend money as we inch closer to post-pandemic life.
• To avoid going over budget, I’m focusing on what I value most and bulking up my savings.
• The past year taught me how good it feels to be a conscious spender.

This year is shaping up to deliver us a wonderful summer.

Vaccine eligibility should open up to all Americans on or before May 1. Soon we’ll be able to freely visit family and friends, travel, and have a social life again. Horny folks will get their fix.

It’s all so energizing to think about. But then, anxiety creeps in.

Post-pandemic life, experts predict, could be like the roaring ’20s all over again: indulgent and prosperous. Before long, the pull of restaurants, bars, and birthday parties will be too attractive to resist. What I call “social spending” will resume.

Actually, it’s already happening. After chucking my social calendar mid-2020, I had to buy a new planner recently. I prefer a paper calendar to my phone to keep track of all my upcoming events and appointments. I’ve already booked flights for two trips I’m hopeful I can take (airlines eliminating flight change fees was a great byproduct of the pandemic).

I’ve never felt more in control and conscious of my spending than during this past year in near-total isolation. The anxiety arises when I realize how easy it can be to lose my grip as we all slip back into normalcy.

2 things I’m doing to avoid a spending tsunami

There are two kinds of social spending, in my experience. One is mindless spending, which often happens when we’re distracted in a group setting (“let’s get another round!”). The other is feeling pressured to buy something in lockstep with the group, whether it’s dinner or a bachelorette weekend. Both mean you’re spending more than you intend to, and can easily divert you from your bigger financial goals.

My antidote to social spending is twofold: uphold my value list and beef up my cash reserves.

My value list is made up of things that make my life better – good mental and physical health, quality time with my closest family and friends, and delicious food, for example. I use this list as a rubric to decide whether an item or experience is worth the cost. I think everyone should have one of these, pandemic or not.

I’m also directing some of my discretionary income into savings buckets designated for travel and other expenses I’ll probably splurge on come summertime. I know I’m lucky to have money to spend at all right now, when so much of the country is still struggling. That’s one reason I like to be intentional about it.

Most of the time, the value list works to keep me on track. And when it doesn’t, that’s what the cash reserves are for.

Tanza Loudenback, CFP®, is the personal-finance correspondent at Business Insider. She writes most frequently about saving money, planning for retirement, taxes, debt management, and strategies for building wealth. Have a money question for Tanza? Fill out this anonymous form.

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