Coronavirus is putting retail therapy to the test

Freeman said I have to be careful even when shopping for legit items because prices in certain categories are spiking. Meat is one of them — data from the Bureau of Economic Analysis shows that beef and veal prices have increased by 20% since February. Poultry and pork are up over 8% each.

“You have to stretch every dollar in order to get your food costs down,” Freeman says.

To that end, she recommended buying fruits and vegetables in bulk while they’re in season and freezing/canning them for the winter. I may want to look into using cash back programs like Ibotta and Rakuten, which will give me rewards for choosing certain retailers.

Freeman said she’s also seen shifts in discretionary spending. Though there’s “still a lot of impulse purchasing going on,” it’s happening online instead of during a meandering Sunday-afternoon Target trip. Bike, car and tent sales are booming, as are those of home items like trampolines and furniture.

The focus seems to be more on permanent improvements than instant gratification.

“We’re going from this mindless shopping for sport to mindful shopping thinking about what would make our lives better,” Freeman says.

That’s certainly true for my coworkers. When I asked editor Kristen Bahler for her best summer purchase, she praised skincare products, including True Botanicals’ radiance oil, that have made her “dewy AF.” For data reporter Prachi Bhardwaj, it was this $230 14-inch Lenovo monitor that’s making working from home much easier.

Still, I need to exercise caution when whipping out my credit card. Sure, new numbers from the Commerce Department suggest retail spending is bouncing back, but there is still a recession going on.

Adam Goetz, president of MassMutual’s Advisors Association and partner at Burstin & Goetz in Pittsburgh, said to make sure I’m being prudent about the cash I’m devoting to online shopping. He typically tells his clients to have about six months of household expenses stashed away in a liquid, accessible emergency fund, but he’s upped that to the nine- to 12-month range in light of the pandemic. 

Goetz said that once I’m comfortable with my savings, I have any debt under control and I’m on track for retirement, I can loosen up a bit.

“Checking those three boxes makes it that much easier to go out and splurge on an inflatable pool or the big screen [you’ve] been eyeing,” he adds. “It’s important to make sure those fundamental pieces are in place first so you’re not kicking yourself.”

(but please don't tell me you scrolled past all of my hard work)

Shopping is indeed changing, with people leaning more toward mindful purchases that will improve their lockdown lives.

Part of being mindful is making the most of my dollar. Freeman said now is a good time to buy clothes, and Labor Day Weekend will have tons of deals on appliances and mattresses.

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check out this crazy celebrity purchase

via Getty

For the last 12 years, Britney Spears has been in an arrangement where a third party must approve everything from her Starbucks orders to her political stances. Now, E! News has revealed the conservatorship is actually costing Spears a LOT. Recently obtained financial documents show the singer had to spend $1.2 million on attorneys and advisors last year. She also got an allowance to spend at stores like Anthropologie, but the situation in general sounds toxic. #FreeBritney

five things I'm loving online right now

send me cute pictures of your pets, please

CREDIT: TURNER COWLES

Meet Pilot, a pup who knows not only how to drive a car but also engage in responsible re-tail therapy.

One last thing about investments — they don’t have to involve splurging on something silly. Senior editor Brad Tuttle said his favorite investment this summer was a family trip to Cape Cod. For art director Lixia Guo, it was the time she invested into growing shishito peppers in her garden. Those both sound like pretty good deals to me.

See you next week.

Julia

P.S. What’s been YOUR best summer purchase or investment? I want to hear all about it at julia.glum@money.com or @SuperJulia.