As the days grow longer, our children’s school years draw to an end, and we start to incorporate sunscreen into our daily skincare routines again, change is in the air. After months and months of commuting from the bedroom to the living room couch or to the kitchen table for work, many of us are facing the prospect of returning to the office for the first time in over a year. Once the norm, making the switch to being surrounded by colleagues in a communal workplace now feels like a strange concept for many of us. As we creep towards some semblance of pre-pandemic normalcy, it’s important to take some time to reflect on the changes that have taken place in our lives and to check in on how we are doing.
Part of checking in on ourselves includes taking the time to analyze our financial wellness, taking into consideration any new money habits that may have formed over the course of the pandemic. After all, just as we had to make adjustments to live life in quarantine, we now need to transition out of it. Here are some steps you can take to better prepare your finances for your return to the workplace.
Analyze where you’re at
It’s always important to take stock of your finances and evaluate where you’re at, but after the last year and a half of economic uncertainty, it’s especially wise. Revisit your retirement plan, your estate plan, your emergency fund, and your portfolio. Set new goals based on any personal or professional changes that have occurred over the course of the pandemic.
Create a new budget
As we begin to leave our homes more and more frequently, our spending habits are bound to change. We might find ourselves spending more money on gas, paying to send our kids back to childcare, footing the bill for public transportation to and from work, buying coffee from the drive-through at lunch, or stocking up on some new work slacks to give the yoga pants we’ve been wearing all pandemic a break. Assess your new financial responsibilities and shift your budget accordingly.
Keep up with any newfound positive financial habits
Remember all the positive financial habits that formed during quarantine? Why not keep up the momentum? Our spending patterns have changed dramatically over the course of the pandemic, from shifts away from spending money on entertainment and travel, to dining out less. While it’s exciting to be able to pop by your favorite local restaurant for a a glass of iced tea and that delicious veggie flatbread you’ve been craving, try to keep cooking at home most evenings. Instead of blowing money going to the movies each week, take a hike outside or spend time to the beach. If you’re having trouble motivating yourself to get outside, just remember when you were cooped up at home for months on end.
At The Humphreys Group, we’re passionate about helping women harness their natural financial strengths through the good times, as well as the difficult ones. Reach out to our team today to learn more about creating a personalized financial plan.