Needs vs Wants: How to save as the pandemic rolls on

Updated: Sep. 14, 2020 at 2:01 AM EDT
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RICHMOND, Va. (WWBT) - As the pandemic rolls on, it’s really important to keep your budget up-to-date. It’s really difficult right now to know how the world is going to look in a couple of months, let alone a couple of years.

This is why saving money should be your top goal right now, according to Michael Joyce with the financial firm Agili.

That means, if you are tackling home improvement projects right now, stick to the budget.

A lot of people are investing in new cars, RV’s, boats and bicycles. Joyce says that’s ok to do if you’ve taken care of savings first.

“Those things are fine to do if you’ve covered the other pieces of your budget 1st and again that does include saving for your long-term goals and objectives," said Joyce.

And when he says savings, he’s not just referring to having an emergency fund. Which is important, and a great first place to start. He’s also talking about continuing to invest in your future and put money into a 401K or an IRA if you are able.

Don’t let that simple step fall to the side as you focus on what you want to buy rather than what you need to buy.

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