But the opportunity, and potential pressure, to make up for lost time could put a strain on your finances.
It’s worth making a plan to maintain any good money habits you may have made since the pandemic began, and avoid spending you could later regret.
Coronavirus has had a major impact on many people’s income and expenses. As normality returns – to some extent at least – it’s a good time to check where your finances are at.
Creating a budget, which looks at everything from your rent and bills to food, can help you prioritise your spending and feel more in control. Our budget planning tool can help you break down your spending and see where your money goes.
If you can, you may want to start allocating some money for going out and socialising again – whether that’s to cafes and restaurants, cinemas or galleries. It also pays to factor in other costs, like lunches or takeaway coffees. Setting aside certain amounts from your budget can help you avoid spending more than you want to.
Remember, you don’t have to spend money all the time. Meeting friends in the park can still be a good way to get out and enjoy yourself, for example.
See more about everyday budgeting.
If you’ve taken a payment holiday or borrowed money during the pandemic, it’s important to look at how you’ll manage your repayments.
Keep in mind – you’ll still need to meet the minimum repayments on a credit card, and make loan and mortgage payments, if you have them.
If you’ve managed to save some money through lockdown, you may want to keep this going. Here are a few things you could try:
Set a goal
Give yourself something specific to save for, such as a holiday or an emergency fund, to help keep your savings efforts going.
Save in the right place
Move your money on payday
Moving the amount you want to save into your savings account on payday means it’s out of your current account, which can help reduce the temptation to spend it.
Automate your savings
If you know how much you can afford to save each month, you may want to look at setting up a standing order, which moves your money into your savings account automatically.
Find a balance
You may have been able to put away more than usual in lockdown, but it’s important to find the right balance if you plan to be out socialising again. Try to set a realistic amount to save and a realistic amount for socialising within your budget.
You may have changed the way you manage your money over the past year, such as using online or mobile banking more. You can continue to do this. For example, you can use online banking and the HSBC UK Mobile Banking app to:
move money to other accounts
check your balance and view statements
see recent transactions and get notifications
See more about managing your money with tech and tools.