COVID-19: Why Now Is the Perfect Time to Save

Believe it or not, there might be no better time in your life to save money than right now. Wait, what? Saving money? During a pandemic?

While the coronavirus has had a huge economic impact on our country, businesses and individuals, it’s also forced many of us to adopt better financial habits, as the majority of us have to stay indoors and stop doing so many things that cost us money.

Let’s take a look at a few reasons why now is the perfect time to build up your savings.

Fewer Expenses to Deal With

From lower vehicle costs and fewer opportunities to eat out to the elimination of gym memberships, massages, chiropractic visits and haircuts, many of us have lower expenses than we used to before COVID-19 hit. While there may be a reduced amount of money coming in, it’s possible that your reduced expenses can be more than your reduced income. If you find yourseful in a fortunate situation where your income hasn’t been impacted dramatically—yet you’re still experiencing fewer expenses—it’s the perfect time to put aside money that would normally be going out.

A Financial Wellness Mindset

Staying at home because of the COVID-19 is wonderful for education, self-improvement and professional development. Improving your financial wellness abilities should be a consideration as well. Take this opportunity to read more financial wellness books—all of the 10 listed here can help with personal finances—and watch videos that expand your financial knowledge. As you learn more, you’ll be able to save more with the tips and advice you receive.

Less Travel to Worry About

Our leisure and vacation time has also been limited due to COVID-19. Whether you had to cancel a spring break weekend, a wedding trip or are even scrapping your summer plans, you can take the money you would have spent on travel and put it in your savings instead. Plane tickets, luggage costs, lodging, fuel and other expenses add up, so you have an opportunity to set aside a good amount that would have been spent on travel.

These are just a few reasons why now is the perfect time to save. If you’re having trouble managing your money (or are dealing with unexpected income loss), a payroll card may be able to help. To learn more about adopting Spentra at your company, contact us today.