(WTAJ) – To save money or to spend it? That’s the age-old question, and it will change when people get back out there after the pandemic.
It seems that this pandemic has opened many people’s eyes and given them the time to learn how to not only save their money but also invest it.
“I don’t spend that much anymore because I’m actually thinking about what I’m buying and thinking about whether I really need it,” said Amanda Partener, a Bellwood resident.
Partener is just a person changing the way they manage their money.
“I just started saving it up because I wasn’t spending that much,” said Jessica Worley.
And along with saving for short-term goals …
“That way I have money when I have to pay off my loans and when I finally get my own apartment all my bills,” said Partener.
Some even think further into their future.
“We’re already thinking about retirement, we’re saving for the long term,” said Tyrone resident Michael Rhodes.
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“It is never too early to start saving and investing, and it is critical that we not only work to achieve these goals, but also protect the assets we have,” said Katrina Boyer, coordinator for Pennsylvania Department of Banking and Securities Investor Education.
Boyer said you can get a stronger return by taking the hidden supply of cash under your pillow and investing it instead, but she adds that you still want to save some of it for those rainy days.
“We want to make sure we have these savings so we can protect our investments and still cover these emergencies without going into debt,” Boyer said.
And an early start can lead to early rewards, as was the case with a Bedford County resident who shares the key to his success.
“Once you can start thinking about getting the most out of when your employer has a match on your 401k, make sure you have all of the matches and then start investing and try to get to the point where you are 10 % Of your salary deposit your 401k and you can retire early like we did, ”said Barry Kriebel, a Saxton resident.
Before you invest your money, don’t forget to learn how. The Pennsylvania Department of Banking and Securities has presentations to help educate the community on the fundamentals of investing.
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