The COVID-19 pandemic has had a major effect on the economy, which won’t be changing anytime soon. About a million people are filing for unemployment each week, and we could be years away from a vaccine. As we weather a recession, it’s wise to create a budget and have a keen understanding of your financial situation. Your budget can be temporary while you build up an emergency fund, compensate for a loss of income or pay off debt. And keep in mind that you can constantly reevaluate your budget based on changing circumstances.
In a MassMutual COVID-19 Summer Spending survey, 47% of respondents reported they spent less money this summer. The pandemic has meant fewer opportunities to spend on things like entertainment, vacations, dining out, etc. It’s a great time to make some of those trends into habits and dedicate extra money to an emergency fund and savings.
50% for living expenses
Quite a few price tags are essential — housing, food, insurance, healthcare, ca… Read More