Saving Money Amid COVID-19
Savings Rates
Percentage of Income left over after people spend money and pay taxes is the personal savings rate.
Credit Card Spending
From January to May 2020, the average consumer decreased credit card usage, likely due to savings during difficult and uncertain financial times, despite no change in their credit limit.
As Things Open Back Up And You Start Spending again...
Tips to Continue Saving Even as Expenses Climb
Automatic Transfers
If you don't see it you won't be tempted to spend it.
Grocery Shop/ Eat In / Cook
On average, a restaurant meal will cost $20.37, a meal kit meal will cost $12.53, and an at-home from scratch will cost $4.31.
Don't Travel
or travel, somewhere by car and rent a place to stay. Renting from sites like Airbnb or VRBO can get you more bang for your buck than a hotel.
Cut Routine Beauty Appointments you lived without, like nails, waxing and hair cuts/color.
Getting a consistent gel manicure every other week can cost you $840 a year, try doing your nails at home or going for the natural look.
Here's what to do with the money you save:
- Focus on starting an emergency fund, adding to an existing fund or replenishing one if you had to take out money for bills.
- Increase or resume contributions to retirement savings.
- Put money aside to save for a goal like a trip (when we can travel again) or for a home improvement project you've been wanting to do.
Powered by Savy Money.
- Jean Chatzky Director of Education, Editor in Chief
Sources available upon request.
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