We’re past the time when everyone hoarded toilet paper and flour, but the pandemic is still not over. We’re likely to be in this situation for a while so there’s one question on everyone’s mind: how careful should we be about spending our money right now?
It’s clear that the priorities are changing as this unpredictable event unfolds. You probably aren’t buying new shoes now, but what if you’ve been thinking about getting a car or a house before all this happened? There’s really no one answer that fits all; it totally depends on your situation.
In case you lost your job or are unable to run your business at the moment, thinking about purchases will only make you more stressed. Instead, focus on the basics like food and bills until the situation gets better.
In case you’re in a better situation and still have an income and perhaps something saved, you can be tempted to reach for retail therapy and make online purchases day after day. It’s okay to order something you really need, but don’t make it a habit.
Be realistic with what you can and can’t do right now and don’t stress yourself out by setting the priorities wrong. And when this is all over, you’ll be glad you’re not in debt.