Watching Your Wallet: People retaining better spending habits from pandemic
(WILX) - Even as the pandemic continues, many Americans say they are feeling a little more normal financially. Some of those good money habits that were picked up at the beginning of the shutdown have stuck.
A new survey from NerdWallet indicates that some Americans’ personal finances are inching back to a more stable place. People are starting to feel more confident about their money situation.
Kim Palmer, a personal finance expert with NerdWallet, says more than a third of those surveyed report saving more money now than they did before the pandemic.
“Some habits from the pandemic are starting to stick with people,” Palmer said. “For example, people started saving more and spending less.”
In the survey, 7-in-10 Americans said they planned to take financial action like making a bigger emergency fund or aggressively paying off debt. Palmer says overall the pandemic really showed people how important it was to be ready for a financial crisis.
“People internalized a lesson from the pandemic that a crisis can hit and really helps to be prepared. And so, people are prioritizing things like building up an emergency fund,” Palmer said. “Making sure they’re being frugal before the crisis hits.”
NerdWallet also found a lot of people took on debt during the pandemic. If that’s you, she says it’s wise to make a plan to pay it down. Use an online calculator to see how much you need to pay each month.
That way you know what you need to do make that goal of being debt free attainable.
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