WAUSAU, Wis. (WAOW) -- When the stimulus money entered into accounts, it was good news for a lot of Americans.
However, on the other hand, it was a scary reality of just how many people do not have any money saved in case of an emergency.
In fact, experts say 21 percent of Americans don't have an emergency fund.
Thinking of saving money during a time where many Americans are struggling to make ends meet might seem impossible.
However, there are simple steps to take so savings can accrue, like creating a budget.
"A lot of people I meet with do not even have a budget and obviously if you don't have a budget it is harder to save," said Zach Kyhos a private wealth advisor with Buska and Buska.
Kyhos said taking a break from buying coffee or going out to lunch every day can make a big difference.
$10 a day might not seem like a lot but for the work week that is $50 and in a month that is $200 extra you could be saving.
"Shop car insurance and household insurance, I tell people to do that every two to three years. It is a hassle but insurances give better discounts to new policy holders than someone who has been with a certain company for a longer time," Kyhos said.
Nathan Drummond, a Weston resident, started his first job out of college not too long before the pandemic hit.
"It's been tough to save during the pandemic just because there has been an increase in expenses. The biggest thing is not eating out as much," Drummond said.
Though Drummond said he started to save every month recently it would still be hard to make it on his own with out a stable income.
"If I lost my job or lost my paycheck during this time I would have definitely been moving back home with my parents," Drummond said.
Experts also reccommend cancelling a service you maybe don't use as much anymore and optimize your home's energy efficiency.
If you are worried about not being able to pay off your credit card bill, experts suggest trying to pay the minimum payment for the month that way your credit score is not jeopardized.
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August 23, 2020 at 05:24AM
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Tips on how to save money during pandemic - WXOW.com
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