3 Financial Tips For Your Post-Quarantine Summer

As COVID-19 pandemic restrictions are being lifted in many major cities, concerts and sporting events are being booked and restaurants and bars are making comebacks.

With all these opportunities for entertainment, it is tempting to do as much as you can to make up for the past year.

Whether it be your favorite artist’s concert, nights out at the bar, or a summer vacation, don’t forget to consider your financial goals before getting out there.

Below are three steps Charles Schwab Corporation SCHW and other experts recommend so you can enjoy a post-COVID-19-pandemic life in a financially responsible way.

1. Create a list. Make a list of everything you want to experience now that you aren’t hindered by pandemic restrictions.

Not so fast, though.

Schwab recommends keeping the list short because too many goals might make it difficult to keep track. 

2. Make a timeline. Determine when you will need the money to help decide what investments to consider. Since summer is approaching, some of your goals are likely to be short-term.

Schwab says “less volatile investments make more sense for short-term goals. Such as cash, money market funds, short-term Treasury bills and notes, or certificates of deposit.”

3. Make good money choices. If you are planning a trip, theSkimm recommends using sites like Groupon, HotelTonight and Tripadvisor to find deals and discounts.

“For extra savings, book a stay that includes free breakfast. And consider using credit card points or rewards. Then fill up your itinerary with low-cost activities,” theSkimm stated.

If you are staying local, “Think: hitting the beach or visiting a national park or museum that offers free or cheaper admission for locals,” according to theSkimm. 

A good part of financial health is balance: Remember to stick to your plan and don’t spend more than you have.

(Photo by Elizeu Dias on Unsplash)