SEARCH
866.712.1657

PRIMED AND READY TO SPEND

One unexpected side effect of the pandemic is Americans spent less and saved more than normal. As a result, credit card balances are lower and personal finances have improved.1, 2, 3

You know what they say about money burning a hole in your pocket. Americans are ready to spend some of their savings. 

FIND THE RIGHT BALANCE

While having extra money inspires many people to splurge, it’s important to keep a level head. Spending has risen sharply during 2021. According to the Bureau of Economic Analysis, spending increased:4

  • 6% in January
  • 7% in February
  • 7% in March
  • 9% in April

While the idea of ‘revenge spending’ may be appealing, very few household budgets can withstand sustained increases in spending without significant increases in income. So, as you break free from pandemic restrictions, it may help to keep some basic principles in mind:

1. Decide which savings habits you’d like to keep.

During the pandemic, Americans saved a lot of money. The average household saved about $245 by not going out to eat, $1,400 by not vacationing, and almost $5,700 by not making major purchases, according to the Covid-19 & Finances Survey.5

Consider whether and how much to continue saving.

2. Be aware of how much you are spending.

When people have extra money saved, it’s just fine to splurge on something fun, especially after a long stretch of missing out on traditional everyday activities.

Decide the amount to spend and then track how much has been spent.

3. Eliminate things that are not needed.

During the last year, many people prioritized spending differently. Optional expenses, like dry cleaning, house cleaning, commuting, and happy hours, were eliminated. In some cases, the result was an increase in savings and wealth.

Review your financial priorities to see if they have changed.

HAVE YOUR FINANCIAL PRIORITIES SHIFTED?

Many people experienced financial insecurity during the pandemic lockdown. As a result, emergency savings accounts and other types of saving have become more important.

If your financial priorities have shifted, let us know. Spending less and saving more may help you build wealth and improve financial security. Contact us today to set up a consultation.

Sources:

1 https://fred.stlouisfed.org/series/PSAVERT

2 https://fred.stlouisfed.org/series/PCE

3 https://www.cnbc.com/2021/06/02/how-to-make-the-most-of-revenge-spending-after-a-year-spent-inside.html

4 https://www.bea.gov/data/income-saving/personal-saving-rate

5 https://s2.q4cdn.com/437609071/files/doc_news/research/2020/covid-19-and-finances-survey.pdf

SHARE THIS ARTICLE

Disclosure Information

Privacy Policy

© 2024 SageSpring Wealth Partners. Securities offered through Raymond James Financial Services, Inc., member FINRA / SIPC. Privacy Notice: Investment advisory services offered through SageSpring Wealth Partners., an independent registered investment adviser. SageSpring Wealth Partners or dba teams are not registered broker dealers and are independent of Raymond James Financial Services. Representatives may not register to offer securities and advisory services in all states.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

Raymond James financial advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact your local Raymond James office for information and availability.

Read full Disclosure

 

© 2024 |  Associated with Raymond James  |
Form ADV Brochure  |  Form CRS  |  Privacy Policy

SEARCH
866.712.1657
alor1348 jeff
Jeffrey T. Dobyns

CFP®, CLU, CHFC

President, SageSpring | Financial Advisor, RJFS 
615-861-6102

Envelope Linkedin-in

Jeffrey T. Dobyns

President, SageSpring | Financial Advisor, RJFS

Beyond crunching numbers and investment strategies, at SageSpring, we’re about building relationships. When you encounter Founder & President of SageSpring, Jeff Dobyns, it’s easy to understand why this is at the very heart of who we are as a firm. You won’t find stuffy formalities with Jeff; instead, you can expect to find him sharing a warm smile, communicating a compelling vision, or patiently untangling life’s complex challenges with clients. He believes in truly getting to know clients, understanding their aspirations and priorities, and navigating their financial plans with a tailored, comprehensive approach. Our team members have often been caught taking notes on Jeff’s effortless relationship skills from a distance, and we admire them for striving to learn from one of the best. 

Jeff’s financial expertise and wisdom are the perfect match to his innate people skills. Jeff holds the prestigious CERTIFIED FINANCIAL PLANNERTM certification, Chartered Life Underwriter (CLU®), and Chartered Financial Consultant (ChLU®) designations, and has held executive positions with financial planning firms for more than two decades. 

His dedication extends beyond the office to the boardroom and the local community, where Jeff is passionate about giving back. He serves as Chairman of the Board of Men of Valor, a prison ministry and mentoring program. Jeff also serves on the board of Send Musicians to Prison, which shares hope, healing and restoration with the imprisoned through musicians & artists. Jeff actively supports other initiatives in the community by sitting on the board of The Signatry of Middle Tennessee and the Halftime Institute of Nashville. 

Witnessing his four children, Gracyn, Hunter, Tanner, and Logan, excel on the field is almost just as rewarding, if not more, than celebrating the victories of seeing his clients overcome obstacles and build wealth. Spending weekends boating on the lake, hiking mountain trails, and fishing with his family are the moments Jeff cherishes most. It’s this grounded perspective that reveals the true meaning of wealth for Jeff: not just numbers on a page, but the freedom to create experiences that enrich your life and the lives of those you love. When you choose the Dobyns McMillin Wealth Team, you choose more than financial expertise. You choose a partner who champions your dreams, celebrates your victories, and walks besides you on the path to achieving your unique goals.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER TM, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.