return to spending

[LivingAlmostLarge]

Are you guys spending normally like before covid? Are you guys going out to eat? Vacation? Are you spending normally? We're still not. We do eat out but at not at the same clip when you consider we only do takeout. We haven't been to a restaurant yet since March. And we were more likely to eat out and do takeout when we were running around but since we stay at home we are just not eating out. We did spend on the house more, painting, renovating, etc. But our spending is still down. What about yours?

2020 Ave Monthly $7665 including shed, without shed $6107
2019 Ave Monthly $9647

Had to edit my spreadsheet since I used 12 months instead of 8 months.

[disneysteve]

Not even close. We're still way down.

2019 average monthly spending: $6,657
2020 average monthly spending: $5,170 (as of 8/31)

We have been out to eat (outdoor dining only) 5 times I think. No vacations, not even any day trips anywhere. We had a one-night hotel stay a couple of weeks ago due to our power being out from the hurricane, but that's as close as we've gotten to a vacation since February. Most of our non-grocery shopping is still being done online, either delivery or curbside pickup. Just today, we picked up orders from Target and Ulta.

I doubt our spending will return to pre-COVID levels until well into 2021.

Our spending is actually $300/month less than that technically. A few months ago, I bought $3,000 worth of Marriott gift cards at 20% off, so $2,400. We haven't spent a penny of that yet, so it really just got transferred from our checking account to gift cards for future travel.

[cypher1]

Overall typical spending habits are still down, savings up. Travel is essentially out for the rest of the year, but not due to health concerns. Definitely spending more on eating out, but a lot of that is due to my schedule with work and fall semester. I've also been buying more take-out and bringing to family to spend time with them.

I'm definitely more inclined to spend on smaller local businesses especially for favorite restaurants. Kind of a side story: the last two Saturdays I've been going to the movie theater (for original Indiana Jones trilogy) with my brother and dad. Yes, I was hesitant to invite my dad, but he said he was going even without an invite. Every other row is blocked off, so 50% can fill capacity. There was only about 10 - 12 total people at each screening. We were going to one of the few privately owned theaters in MN left. So its sad to see them struggle like this, with only open three days a week. Not sure how long they can survive.

[~bs]

ironically, the virus caused american savings rate to skyrocket to 33%. So yes, overall income may have gone down, but savings has skyrocketed. Probably in part due to the $600 and $1200 federal stimulus. Rent eviction moratoriums. No need to spend money to go to work, etc. Some are worse off, but many are better off. Not sure if "main street" is helping to fuel the current stock market increases.




May 29, 2020 - The personal savings rate hit a historic 33% in April, the U.S. Bureau of Economic Analysis said.

[disneysteve]

ironically, the virus caused american savings rate to skyrocket to 33%. So yes, overall income may have gone down, but savings has skyrocketed.

Which totally makes sense since so many of the things people spend money on haven't been available. No travel. No dining out. No movies. No bars. No concerts. No bowling. Very limited in-person shopping.

[rennigade]

Our spending hasnt dropped much at all. May have gone up slightly. We're in the process of buying land so that makes up for all the spending we werent doing.

[disneysteve]

We're in the process of buying land so that makes up for all the spending we werent doing.

I'm about to buy a car. That will more than suck up the money we've been saving thanks to COVID, but that was going to happen either way, so the savings still counts in my mind. $1,500/month for the past 8 months so $12,000 less spending than the same period last year. I'll take it. That'll cover a nice chunk of the car purchase.

[disneysteve]

2020 Ave Monthly $5110
2019 Ave Monthly $9647

Wow. I just saw your update with numbers. That's a huge difference. I thought our $1,500/month was a lot. You're saving 3 times that much. Where do you think most of that is coming from? Travel?

[kork13]

Our finances & budget are still kinda reeling from our move from Alaska to Idaho (worth a 2-month stop in Arizona) ... But I feel like our spending is an least back to comparable levels as pre-covid. But then, our monthly spending has generally been fairly low, with only $500-$1000/mo in miscellaneous, unnecessary spending.

Tomorrow we're going to go camping & kayaking on the Snake River, which will only cost us ~$100 all-in. A small, simple mini-vacation for us to have some socially-distanced fun with our boys. Lol

[LivingAlmostLarge]

Wow. I just saw your update with numbers. That's a huge difference. I thought our $1,500/month was a lot. You're saving 3 times that much. Where do you think most of that is coming from? Travel?

Um eating out and traveling. I think I mentioned our indulgence of traveling was around $30k/year maybe a bit more. So that's $2500/month. I also think we eat out less but our grocery bill has skyrocketed because of it. Our spending on travel often times is a lot because it usually includes 4 airline tickets, hotels, cars, dog, etc. I count it all. I do usually get good deals but we travel a lot. I travel even without DH to see my parents and in general he tries to take 15-20 days a year. This year we had planned 3 weeks in Asia including a cruise for a week (this trip I was thinking would cost us all in around $20k with cruise being $10k then $10k airline tickets, hotels, etc, then 1 week in Singapore and Malaysia $10k, two trips to hawaii $3k, two ski weekends $4k, a week in canada with in-laws $2k).

Plus now with the refinance I am thinking we might be saving around another $500/month.

[disneysteve]

Um eating out and traveling. I think I mentioned our indulgence of traveling was around $30k/year maybe a bit more. So that's $2500/month. I also think we eat out less but our grocery bill has skyrocketed because of it.

Yep, same as us. Those are the two big areas where we are saving. And we are spending more on groceries but that is greatly offset by the lack of spending on restaurants since it's far, far cheaper to eat at home.