Changes occur in life which require a person to re-evaluate and re-do their budget. Events like a wage increase, life changes such as getting married or having a child, or a global pandemic. With businesses being limited to curbside sales or being completely closed and many states being under a stay at home order a look at the budget is a great idea because your spending habits have changed.
Personal Care
With barbers and salons closed, people are going without haircuts, hair coloring, manicures, pedicures, massages and many other personal care services.
Entertainment
Almost all sources of entertainment are also closed, such as movies, bars, concerts and sporting events.
Dining Out
While many restaurants are operating for delivery or takeout, many people are deciding the decrease in quality of takeout/delivery isn’t worth the price. Or, if takeout and delivery is utilized the bill is likely lower since you may not order the extras such as appetizers, drinks, or dessert.
Gasoline
Being mandated to stay at home means people are traveling less, meaning your gasoline bill may be lower. For example, during normal times I would fill up my van once a week. Now, I’m filling up once every three weeks.
Gym Memberships
Gyms being unable to operate means either they are not charging you membership dues or you’ve canceled your membership. In either case, this is an expense no longer being paid from the budget.
Groceries
Due to restaurants and entertainment venues being closed, people are spending more time at home. More meals cooked and snacks eaten at home mean the amount budgeted for groceries may need to be increased.
These are just some of the items you may have in your budget that may need to be adjusted as we adjust to life in a global pandemic. The closer your budget matches reality, the easier it will be to follow it. But don’t throw away your old budget. Sooner or later things will start to reopen. As that happens, make sure the re-evaluate your budget periodically to reflect your changing budget needs and spending patterns.
How about you, EOD Nation, have you re-evaluated and redone your budget to fit changing spending patterns?
