If you've been going through a lot more money compared to pandemic levels a year ago, you're not alone -- the average American is spending $765 more a month.
But odds are, your income hasn't increased $765 per month. So here are some tips from Good Morning Americaon resisting the urge to run up the credit card.
- Keep your emotions separate from spending. The pandemic was traumatic for all of us, so take a little time to get clear on your goals and values before making any big investments.
- Prioritize building your savings. Do this even over paying off debt. And especially if you get a lump sum from something like a birthday or tax return, put it away instead of spending.
- Spend money on needs, not wants. The pandemic has shown us the value in making sure you have good health coverage. You should also focus on things that will actually improve your quality of life.
- Don't spend to "catch up" with people on social media. It looks like people are living their best lives on socials, but if you feel too much pressure to spend, maybe it's time to take a break from Twitter, Facebook and Instagram.
- Reverse-engineer your money goals. The pandemic may have changed your goals over the past 18 months. Take a look at where you want to be, and work backward to now to come up with a savings plan.