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Watching Your Wallet: building savings fund

Published: Jul. 30, 2020 at 4:21 PM EDT
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LANSING, Mich. (WILX) - According to a new survey from our partners at the financial website and NerdWallet, 70% of Americans say their household income has been negatively impacted by the pandemic.

Rachel Depompa takes a look at what you can do to keep your finances out of trouble.

“One of the most important things you can do right now. They really look at your budget. I mean, write everything you spend money on down,”said Rachel Depompa.

Looking for things to cut back on is key. Also, it is important to revisit budgets every two months or so.

As more people are staying home, spending habits have changed. It could change again in another month. That is why staying on top of any poor money habits makes a difference.

“One of your top priorities- once you’re able-should be to replenish or restart that emergency fund,” said personal finance expert Kim Palmer.

Setting aside 20 dollars a week or every two weeks will slowly add up to a sizable emergency fund. By making small and realistic goals, people can easily attain 1,000 in savings.

“If you can transfer some of that money, you’ve previously been spending on categories like travel and restaurants into savings. It can be a very helpful cushion,” said Kim Palmer.

Through it all, don’t make a goal that feels hard to reach. Each time you get there, it’s a small victory that motivates you to do more.

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