Look, no one is going to argue that the overall effects of COVID-19 are positive. It has becoming increasingly clear that as a society, we’ve been overwhelmingly under-prepared. However, amidst the public panic and increasing political divide, one thing is certain. We have an opportunity to re-evaluate our financial situations, and adjust accordingly.
Given the current state of economic affairs in the United States, the average amount people are spending per month has decreased. Conversely, the amount saved per household has increased. This can be attributed to an urgency among working professionals (both employed and unemployed) to put money aside in case their streams of income take a dramatic hit.
Part of the reason we’re watching this happen is that people simply have more time on their hands. It’s easier to evaluate what can be cut from a budget when your monthly statements are right in front of you. To the point, we all have time now.
It might also be a good time to consider some new investment options, or to re-evaluate your future career prospects. U.S. News & World Report has recently published an article that goes into great detail about this blog entry’s subject matter. To read the full story, please click here.