The pandemic has changed our financial habits

Good spending and savings habits learning in pandemic

RICHMOND, Va. (WWBT) - A new survey by our partners at the financial website Nerdwallet found that almost 80% of all Americans adjusted their spending and savings habits during the pandemic.

The biggest change was being more mindful about tracking how every dollar is spent. It’s eye-opening!

If you do this for one to three months it can really help you with budgeting. Many have followed the 50-30-20 rule: 50% of your take-home pay should be for needs, 30% for wants and the remaining 20% goes to debt and or savings.

With walk-in service essentially shut down, millions of people used a new digital banking service during the pandemic. This also includes online banks without physical locations.

Shop around for institutions that have no fees and high-interest yields. Savings has also become a priority during the pandemic. Building an emergency fund has never been more important.

Experts say to start small. Make the goal $500 or $1000. Once you reach that goal, make it bigger.

Try to add another thousand and eventually get up to $5,000 in the bank.

One easy way to bulk up those savings quickly? Take your tax refund or stimulus payment and put it directly into your savings account.

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