With all that is going on in this world right now, I thought I would take a moment to place some positivity that we can put into our lives. When it comes to our finances, COVID-19 and social distancing can help our financial picture in at least two everyday activities. Consider the following:
This is a category of spending that I'm guilty of allocating too much money to. I am the type of person, and maybe you are too, who always has to be doing something. By 6pm I'm already bored and feel a need to go with my wife to a restaurant/bar- my excuse usually being a really great sports game on television- fill in the sport, i.e. football, baseball, basketball, hockey (this was an all year long excuse). From years of working with clients, this was a common thread for many.
Currently in California, all of the above is no longer a valid option. This was 30% of my overall spending plan. I'm taking this opportunity to add 30% back into savings. I'm also taking this opportunity to cut alcohol completely out of my diet for the foreseeable future, because the cost is just not necessary during this time.
2) Health and Fitness
I've always been a fitness junkie and have found it difficult not going to the gym on a daily basis. However, a gym is not an ideal location to stay germ-free. I have put my gym memberships on hold for a couple of months. The money I save here will be added to my savings.
It is very important to keep your mental and physical health up. Especially during stressful times. So, I have vowed to walk, run, hike outside daily (weather permitted) and to doing some body weight workouts in the house with my wife. This is great quality time together and helps to keep the sanity. In addition, I am setting aside 10 minutes in the morning to do some guided meditation. Both meditation and fitness are proven to improve overall health, which reduces health care costs over time.
There are many more areas where we could be improving our finances right now. It would be really amazing if we all challenged and motivated each other to find positive habits and changes we can make during an uncertain time.
Any other ideas of how we can improve our financial lives during a difficult time??!