July 24, 2021

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Reopening | How to Avoid Excessive Post Phantomic Costs

As health restrictions become easier and more people are vaccinated, many Canadians are eager to make up for the time spent.


Leah Golob
The Canadian Press

Likes the phrase “the cost of revenge” which suggests that some people are interested in being forced to drop consumer goods or experiences last year.

In the United States, which has been deregulated faster than Canada, most of the costs are borne by beauty and nail salons, sporting goods stores, restaurants, clothing stores and car dealers, according to a recent report.

The phrase “revenge cost” is new to Liz Sheikh, a certified financial planner at the New School of Finance in Toronto, but this is an event she is familiar with, especially when talking to independent experts. And seasonal workers who experience income fluctuations throughout the year.

Whenever a shortage period ends, “Woohoo, we’re going to spoil ourselves! I like to do a lot of fun things! ”. This is a natural reaction to not being able to do anything.

Liz Schick, financial planner

While all population groups feel the need to celebrate and spend, it can be triggered by the feeling that young people in particular have been robbed of precious time, continued Mr.Me Skeek.

Photo by Franois Roy, Press

A hockey night for Canadian fans at the La Cage restaurant in Bell Center.

“This is the time they want to go out, they want to go to bars, they want to go to concerts, they want to take a lot of trips, they want to see their friends. A lot of people are so social at this point in their lives that they missed it and it made sense. ”

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Allie Fly, a 31-year-old employment consultant from Toronto, can’t wait to dine with friends, have cocktails at her favorite bars, attend concerts, visit museums and galleries, and see friends and family in Ottawa when they last receive. Second dose of Pfizer vaccine.

“When it’s safer to go out more, I’m certainly be wary of the possibility of doubling my expenses, for example, if I have my infectious habit, I will spend more money on groceries and online shopping,” he said.Me Fly.

“If I do, I can use more of my savings to cover these costs, rather than having a little mattress or investing a certain amount.”

More opportunities to go out and celebrate

Avni Shaw, an assistant professor of marketing at the University of Toronto and a research colleague at Rodman, noted that when people get a job promotion or celebrate a birthday or holiday, they tend to spend more, but there is a clear deadline for those costs. School of Management.

“It’s an interesting event, a little more dangerous than regular events, when it’s not linked to an event,” he said.

Now there is a hysteria that people have to spend when they are fully vaccinated, when a partner is vaccinated, when every good friend is vaccinated, and so on.

“The more opportunities there are to go out and celebrate, the longer it lasts,” Ms.Me Shaw, this increases the chance of going a little farther when spending.

M adviceMe Shaw is a deliberate choice when it comes to spending, especially when it comes to material goods. Make a list and ask, “What do you like most about me?” When Means control measures are removed.

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“It’s better to deliberately research these products than to buy impulse, which can lead to problems,” he added.

This tactic can also be applied to social and group experiences such as parties with friends.

For experiences outside of that, it is best to look for cheaper options, like a drink at a happy time, he is an example.

MMe Shaw and MMe Both recommend creating a budget to determine how much money should be allocated for personal services, consumer goods, large ticket items (such as travel) or experiences with friends, family or acquaintances.

“Because it’s easy to forget [dépenser de l’argent pour sortir] COVID has not been in our budget for so long, ”he saidMe Shaw. “It simply came to our notice then. ”