Americans are cutting spending

Americans are cutting spending

RICHMOND, Va. (WWBT) -We aren’t spending like we used to right now. In fact-- a new survey shows a majority of Americans have cut back.

52% of US adults intentionally reduced their spending because of the coronavirus pandemic according to a new bankrate.com report.

Most stay they stopped spending because of concerns over the economy. The stock market volatility also played a role in this new mindset.

If you are worried about job stability or being furloughed-- experts say these are valid concerns. Now is the time to direct any extra or unspent income into an emergency fund in case the unexpected happens.

The same goes for that stimulus check if you are concerned about your economic stability.

This is one of those times experts say don’t pay off debt-- instead stock that money away-- just in case.

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