Empowered Planning Blog

As Americans are vaccinated and stepping onto the scene, revenge spending is hopping into the front row! What exactly is revenge spending? It’s the desire or urge to overspend to make up for the loss of 2020. Personal savings rates hit an all time high last year but I’ve suddenly been dining out more and packages keep arriving at my doorstep. I want to share 5 ways to tackle revenge spending because you are not alone!

1. Set a savings goal from now until December 31^st.

Commit to a dollar amount or percentage of your income but commit! If you are intentionally saving it’ll be easier to curb your appetite for spending.

2. Separate savings from spending. 

Have separate accounts for your savings goals and even your fun spending money. I have an account for all vacations. I put money in there throughout the year so I have a bucket of fun money to pull from. As I pay for plane tickets or hotels, it comes out of this account. When the balance gets low or to zero then...