RICHMOND, Va. (WWBT) -The pandemic really upended a lot of people’s goals for 2020. But it’s not all bad! Many of us have learned about new savings habits.
According to a new NerdWallet study, people are setting financial goals again and feeling confident that in 2021 they’ll be able to make those goals happen.
Believe it or not, people have actually developed some positive habits during the pandemic when it comes to saving money.
So, as hard as everything’s been, Kim Palmer, a personal finance expert with NerdWallet, says a lot of us have actually learned better ways to save in the last eight months.
“People are spending less. They are not eating at restaurants, traveling, even clothing and makeup shopping because people just need those things less,” Palmer said. “Because people have gotten in a habit of spending less in those categories, they actually want to stick with that and continue to save more,” Palmer said.
All the money you are not spending in certain areas, whether it’s airline tickets or gas because you are still not driving as often-- keep funneling that unspent money to your savings account.
Pay yourself first. And line up your debt. Write it down and tackle one at a time. If you dipped into that emergency fund over the last year, start a rebuild.
Slowly put more money back into it as your budget for 2021.
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