Coronavirus Update: Americans Are Learning How To Save Money
We’re in trying times with the Coronavirus attacking from every angle. Businesses, schools, churches, and just about every other single thing we as Americans held tight to, are closed. So, what have we done since and what will we do after is the most important question?
For many, it comes down to financial planning. With a large number of businesses forced to close their doors until this blows over, people are without jobs. While some are still getting paid thanks to PTO or Vacation Hours, now is the time to tighten up the spending and save. But can we all do that or better yet, should we do that?
Yes and yes.
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While going through this, I’ve caught myself looking at my bank account and wondering where I’ve been spending my money at and on what to be exact? Going to work has consisted of cash for the Metro, maybe lunch and then something to eat when I got home. But now that we’re quarantined in the house, no more Metro, no more lunch at the food carts, and eating out has now turned into cheaper meals at home.
Then comes the miscellaneous things we would spend money on. Going out to bars, clubs, movies, and things of that nature is no longer an option. So, right there, that’s another wad of cash that can go into savings. What about Online Shopping? For some, Amazon is a way of life.
But since the virus hit, Amazon themselves have stated they’ve had trouble getting packages out. There is no more 2-Day Shipping. I ordered a package in the middle of March and it said it won’t arrive until the middle of April.
With no more 2-Day Shipping (that I’m paying for) why would I want to continue to order things online? More cash saved.
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While the virus has indeed crippled the economy, if managed smartly, this could turn out to be a great thing for Americans. No income coming in, for now, means people will have to budget better. And when the ban is lifted and we’re allowed to resume our normal life, we will need to look back at this time and remember how we got through it.
Restaurants will boom again. Clubs will be packed and the same goes for Movie Theaters, Department Stores and such. But what if? What if consumers become more aware of their spending and say no? Will home-cooked meals become a thing of the norm? What if people realize there is no need to buy a 65-inch TV when they have a 55-inch one in good shape?
Come on people, we must be smart about this. It’s been a month and we have all survived this far on a limited income. Just think about the financial possibilities if we kept this up afterward.
Mark has been covering Sports and Entertainment for the past six years. His work has been featured on Bleacher Report, ESPN, Fox Sports, Teen Vogue, and many other websites.
