Home Budgeting How Are We Going To Be Spending Our Money In The New Normal World?

How Are We Going To Be Spending Our Money In The New Normal World?

by S1m
down the money drain

Covid-19 has changed our way of life so much! In some instances its just little things like not being able to shake hands, in others it will have fundamentally changed how we shop, holiday, work and more. While we all hope it goes away there is no doubt the impact of this pandemic will be around for a long time and the new normal will be a place we all have to get used too. For many it wont be a bad thing, perhaps you have started running when you didn’t before, maybe you have seen your kids more than usual, many people feel they have saved money during lockdown. But there are also negative impacts by the tonne!

So as we move into this new world how are we going to spend our money and how will our lives be changed?

Holidaying in th UK

UK Holidays

It is fair to say that most people are not considering getting on a plane anytime soon, even if they could. Whilst we all enjoy a beach holiday, a ski trip or a city break the situation has just changed massively and so we all turn to the UK! There are some amazing places to go in the UK, for a lot of people it will be a real journey of discovery and hopefully appreciation of just how nice this place actually is. But its not just about holidays in the UK it may also be about how to have a socially distanced holiday. Camping, motorhomes and campervans are going to be very popular! You get to essentially travel with your own accommodation and staying isolated is quite easy. Toilets and showers can be used when quiet and sanitiser etc will help. As people look away from the once a year massive holiday abroad they may find they have some money spare and this is where buying posh tents, and choosing to get a campervan or motorhome on finance may become very popular. Also the option to hire a campervan is likely to become really popular, its like social distancing on wheels and allows people to explore and feel safe. Even choosing an Air BnB may feel to exposed for some people so a mobile option is a great way to go.

However people choose to do it, spending money on a UK holiday is going to be a big thing!

More or Improve

Hands up who feels like they have spent far more time at home than they ever thought they would? Yes, that’s all of us. Lockdown has really highlighted any issues with our homes, size, layout, even colours and decoration choices. Never before have our homes been under the microscope so much and it is safe to say a lot of people are thinking about some changes. Because, we are not going out, not booking big holidays and generally spending less people are planning all sorts of renovations. From a simple lick of paint so extensions and more. With the rise of home working many people are looking at getting offices built in gardens too! But a big chunk of people are looking to move. Since viewing have been allowed the market has gone bonkers with estate agents working flat out to try and fulfil the demand.

Jamie Gray from Nexa Properties in Bristol says

“after a very odd period during lockdown there is a huge demand for property to buy and thankfully an equally huge number of people wanting to sell”

Where once we may have spend £2000-4000 on a holiday and lots on pubs and eating out suddenly we seem to be looking at spending our money on our home instead. This may be because we subconsciously fear we will have another lockdown in 3 months, 12 months, 2 years? When and if we do people want to be comfortable and safe.

Shopping after lockdown

Spending Habits

There are lots of smaller ways we are spending our money differently too! During lockdown there were some clear spikes in house plants, storage units, office equipment and even candles and home fragrances. All of which make perfect sense. Working from home is certainly going to become for more common so people are going to spend money on being comfortable. Also, as we have already covered, people are spending a lot of time at home, storage issues are becoming more obvious and making a home smell and look nice is something most people can do on even a small budget.

Subscriptions

Looking ahead into the new normal it is pretty clear subscription models are going to become more and more popular. Even when we get the all clear some people will still find shops unnerving or maybe even frightening. Setting up subscriptions for wine, coffee, beer and even clothes means we get lots of the things we love without having to go into busy places.  Companies like https://uk.whogivesacrap.org/ managed to keep supplying toilet roll during the panic buying and it is that kind of thing people are going to be happy to spend on as we move out of this awful time.

We all hope things will get back to 100% normal, but maybe they wont and maybe they shouldn’t. If we all holidayed in the UK rather than abroad the environment would thank us, if we all worked from home rather than commute the same will happen. Spending in the UK will help our economy, as will improving, moving and buying things for our homes as well as buying bikes and all sorts of running kit!!

Lets embrace the new normal however it turns out and look for the positives in everything!

Check out more Sim’s Life Budgeting posts

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