Sexton Advisory Group Shares Healthy Post-Pandemic Finance Strategies

Much has changed in the world of personal finance over the last 16 months. According to a recent Bank of America survey, 64% of Americans have changed their spending habits since the start of the pandemic. Steve Sexton, financial consultant and CEO of Sexton Advisory GroupĀ in San Diego, California, is sharing specific actions to take now to improve and protect post-pandemic finances.

  1. Take it slow. “After a year of travel restrictions and closed businesses, many of us are experiencing a pent-up demand for travel, dining out, and shopping,” says Sexton. “My advice is to take your re-entry into the world of spending slowly. This is not the time to go into debt.”
  2. Bolster retirement savings. For those who have been fortunate enough to save during this time, Sexton recommends allocating any excess savings to retirement. For those who have not been able to save over the last 16 months, Sexton suggests moving any remaining stimulus payments to their retirement funds.
  3. Power shop. “One of single worst financial habits developed over the pandemic has been ‘clicking and buying’,” says Sexton. To help eliminate any newfound penchants for impulse shopping, he recommends creating a well thought out shopping list and sticking closely to it. For those still struggling with the impulse to buy, Sexton suggests deleting tempting shopping apps from the phone.
  4. Increase spending on professional development. During the pandemic, many people chose to invest in schooling and other educational and health-focused opportunities to better their personal and professional growth. Sexton encourages individuals to see these opportunities through to fruition.
  5. Review all pandemic habits. “I strongly advise you to take a long, hard look at your pandemic spending habits. You may notice you developed a tendency to order food delivery more often than before, or perhaps you added several subscription services to your monthly expenses,” says Sexton. “Look these items over and mindfully eliminate any habits and services you no longer need.”

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Source: Sexton Advisory Group