How can you save money and get your finances in order during COVID-19?
Brokers International’s Mark Williams says it will take effort to start a savings plan during the pandemic, especially when many people have lost their jobs and unemployment benefits expire on September 6th.
But it can be done.
“Regardless of your job, no matter how your income comes in, is trying to create some kind of safety net,” Williams said.
And everything can start with a few cents.
“Five cents, 10 cents, 15 cents, and while it doesn’t sound like much, it’s about the mindset,” he said.
The mindset that you can build a nest egg even in the worst of times.
“For every 25 I’ve seen, I give five as a treat. Now I’ve made a game of saving because what you are going to find is the thrill of watching your savings account grow and it gets more exciting than the added pleasure you end up spending, “he said.
On Friday, President Joe Biden talked about the latest economic report from the Labor Statistics Office.
“On the way to Labor Day weekend, we have more evidence of how our economy is progressing after last year’s economic disaster,” said Biden.
The economy created 235,000 new jobs in August and the unemployment rate fell to 5.2%, its lowest level in 18 months, it was reported on Friday.
Whether you’re changing jobs or adjusting to a new budget, experts suggest setting aside an amount of money that can be automatically transferred to a savings account, take advantage of the tax-free days to shop, and save on your income tax refund if you have one and don’t forget the store apps because it all adds up in the end.