Saving money and a pandemic probably don’t go hand in hand with some people. We are almost 5 months into a pandemic that has shook up the world. Finances have been a big topic during those 5 months. From the Cares act to a crash in the Stock market, there hasn’t been an uncertain time financially in the United States since the 2008 recession. Saving money is more important now than it has been within the last 10 years. What’s interesting is the COVID 19 pandemic actually plays a major part in savings. Here are some way the pandemic can actually leave a little more funds in your savings.
Working from home has its benefits
The COVID 19 outbreak forced some companies to have their employees work remote from home. Working from home has saved employees time and gas money or public transportation fair. They more than likely don’t eat out as much as they normally would on while they’re at work. You also have to factor in their not paying parking and other things that come along with having a job that you commute to.
Staying in the house more tends to keep money in your pocket. Due to COVID 19, people are not dining out at restaurants as much. Traveling is down as well as events and concerts. These are all things people were doing prior to the COVID 19 outbreak. If you’ve been staying in the house at least 70% of the time during the pandemic, your savings more than likely have seen an increase even if it’s small.
Stay optimistic. Your savings will lead to fun times soon.
If you are someone who is currently working from home, you have the perfect opportunity to save more money for the future. The economy won’t always be slow, and eventually restaurants are going to open back up. The airlines are going to put more flights in the air. The movie theatres and sporting events will open back up, and if you save your money correctly during this down time, you will have the funds necessary to enjoy all of those things.
I wrote a blog post on fun ways to save money. Be sure to give it a read after you’re done with this.
Be sure to check out my book regarding everything about Credit and how to better your credit score (Here).
Darnell R. McKinnon