Economic uncertainty can really change your relationship to money.

Over the last year, we’ve heard about a lot of people resorting to “doom spending,” aka a form of retail therapy that you may engage in when you’re feeling a little … uneasy about the state of the world. Like impulsively buying plane tickets or getting sushi delivered five nights of the week. (If anyone gets it, we do.)

Lately, we’ve been reading about the other extreme: “stress-saving.”

It’s exactly what it sounds like. It’s extreme hoarding. It’s choosing to eat beans and rice for dinner every day when you could afford a more elaborate meal. It’s denying yourself a vacation you deeply deserve — and need. It’s saying “no” to the daily latte and making coffee at home every day, even on the weekends. All to squirrel away as much money as you can in your bank account.

Cost-of-living anxiety, big political shifts, job insecurity — there’s a lot going on right now that may force you to rethink your budgeting and spending. And we’re all in favor of it. There’s no better time than now to start implementing better money habits — and saving money is definitely a good money habit.

But you can, in fact, do too much of a good thing.

When you leave your money in a bank account, you miss out on an opportunity to help it grow. Having a healthy emergency fund is important — but so is having a healthy retirement account and investment account.

As we noted in the Election Edition of our Monthly Market Insights, historically, markets have generally trended upward, no matter which political party is in the White House. In fact, the stock market has returned an annual average of 10% since 1928.

And, of course, there are other good money habits to implement.

At Ellevest we believe that budgeting for the so-called “frivolous stuff” — whether that’s a daily latte or an impromptu island getaway — is an important part of financial wellness. That’s what budgeting is for — giving you permission to splurge on fun.

And if you need a financial planner to help you do it — and feel better about the future — that’s what our all-women team of financial planners are for.

🔓 Lock us in

• Investing, Part 2: You & Your Portfolio: Learn how taxes work with investing and what goes into building a portfolio.
  NOVEMBER 26 @ 12 PM ET: Sign up
• FREE: Countdown to Tax Season: It’s your last chance to join us for this workshop where you’ll learn how to get ahead of your taxes this year with the help of a tax pro!
  DECEMBER 5 @ 6 PM ET: Save your spot