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I spend more on "entertainment" since even the libraries are closed so you can't even get a book! Overall is not much different though with the savings on gas.
I saw studies where savings rate skyrocketed to 30% or something obscene. I guess that makes sense for people that are working at home and many others with no entertainment options. lol Virus solves most of the savings issues in the US.
I am retired. I life off my assets and some pension vehicles. I am spending less so in that sense my savings have gone up. My assets are up in value too as the stock market has been very strong recently. But I feel less wealthy as cash from investments look at risk as other consumers are savings not spending same as I am. Profits will drop and small businesses, restaurants and bars most notably, will go out of business. Meaning fewer successful small business owners with money to spend It is hard to find high dividend stocks these days which are not high dividend because they are in trouble and their price has dropped. It is hard to find high cash on cash annuities or interest rates of fixed income investments.
Its a strange feeling world we live in right now....like there is a big other shoe to drop
I paid off my 15k truck In 10 months. It happened to be the beginning of March when I did that. So between less trips out, no fun, and absolutely 0 debt I was able to save up 7500 and buy a $3700 engagement ring. So I would say yes financially I am doing much better during this pandemic. I was laid off for 2 months although my boss gifted me a good chunk off change and asked me not to go on unemployment as a retention for when business picked back up. I was on call the whole time but my phone never rang.
I spend more on "entertainment" since even the libraries are closed so you can't even get a book! Overall is not much different though with the savings on gas.
That stinks! Our library offers park & pick-up, so I’ve had a nice flow of books to read over the summer. Interlibrary loan is even working, allowing me to get my hands on several books from our state university for a research project.
Not travelling's given my savings rate a big boost. My savings rate is anywhere between 43% and 50% right now excluding 401k/IRA contributions. Income went up as a result of a job change right at the start of the covid apocalypse. I hold no interest-bearing debt whatsoever (all of my debt is currently on 0%) so I'm hoarding cash until the interest free periods run out on my credit cards.
Social life's taken a big hit so I'm looking for an income-producing hobby so I come out the other end with more $$ in the bank.
I was laid off for 2 months although my boss gifted me a good chunk off change and asked me not to go on unemployment as a retention for when business picked back up.
Sweet.
(IF you hadn't been recalled, you'd have the "retainer" and still could have applied for unemployment at that time.)
Retired, so job expenses don't apply. The stimulus money will help pay for the dentures that I will be getting in 2 weeks. I didn't apply for it, but will put it to good use. We decided last year that our traveling days are over, so no change there. We have not been out of our small county this year. Car has not quite reached 30,000 miles yet, so it will be around for a long time. We have gotten take-out a few times, but no sit down in restaurant.
I greatly fear runaway inflation with the government throwing so much money around.
Yes my savings has gone up, especially in the last 6 months. It is coming up on a year since I started working from home and in the first couple of weeks of quarantine I noticed I had more disposable income per month than when I went into the office.
The first thing I noticed was how long a tank of gas lasted and to this day still does. The food bill has gone up, but I also don’t eat out/socialize as much as I did pre-Covid. Except for a couple of pairs of jeans, I have not bought clothing either in the last year. And truthfully, the urge to shop, at least for clothing, has diminished.
The first six months of quarantine I did have large expenditures because I had to set up a WAH office. Also I was assisting some family members during the early pandemic days, so initially I wasn’t saving a lot. But since then, my monthly savings has increased drastically. I was also able to pay off one credit card and remaining credit card debt should be paid off in 10-12 months.
This past last year and current times offered me a re-set on many things in life including financial matters.
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