What Lockdown is Teaching Me About Money?

Topic: Are you good with your cash? Is spending money a good thing? Lockdown might have helped you reflect

During the lockdown, I have been able to observe the economic situation locally and globally. As stocks, markets and the economy as a whole have worsened, I have been thinking more about money and my spending habits. One thing I have realised that it is important to plan how to spend money instead of making impulsive decisions. I have been able to reflect on my spending habits and I think for the most part they are not too bad. On occasions when I receive money such as my birthday, I choose to save the money and hold on to it. However, when I do want to spend some money on certain goods, I plan it out and take a proportion of my total amount and then see which item(s) I can buy that is under my budget and also will be the most useful to me. At the same time, there have been certain times where I have spent money without too much planning and I have regretted it but only now during this lockdown, I have been able to notice this pattern.

I think spending money is important obviously for necessities but beyond that, I believe that it is important to spend it on certain wants because that can boost well being. By planning how you spend your cash, I believe you will regret purchases less as they have been well thought out. By this, I mean that when making purchases, you should consider how it will impact you in the short and long term and how much you will use the good/service. Now that stores are closed, online shopping has become more popular and it is easy to get carried away while shopping online and I think now more than ever it is important to control how much we spend and to realise that we do not need everything we buy.