The COVID-19 virus has rapidly spread throughout the world while financially devastating almost 45 million unemployed Americans.
However, Good Morning America reported that with the world on lockdown, some Americans say they have been able to save money and cut back on expenses.
Experts also found that students and young professionals have moved back in with their patients while not having to pay rent.
“There’s been this forced lifestyle change that has made them not spend the way they used to,” Lacey Langford, a financial coach, said.
Langford added that many are saving money because they are not going out as much. She said people are not using their gym memberships, or they ultimately canceled it.
As a certified financial coach and veteran, Langford helps people, especially military families, get their finances back on track. She said this is a crucial time to take charge of your money.
“There is a group, a large portion of people, that have really built up their savings and can really change their life moving forward,” she said.
The financial expert shared tips on how to budget yourself during the COVID-19 pandemic.
Consider it a permanent lifestyle change
People should be analyzing their spending habits and determining which expenses are most essential.
“Assess what you have saved money on by not doing and decide if you want to kick up that expense again and make that conscious decision,” Langford.
Make a plan for the savings
When focusing on money, look at things you may have not saved up for, like a big loan payment or emergency fund.
“You have to remember that building up your savings and being good with your money and changing your financial life is a huge reward in itself,” she said.
To make sure that you are on track, she recommended writing it down on paper or using an online tool to keep track.
Avoid the 'I deserve it' habit
“It’s a slippery slope to quickly get rid of all the hard work that you’ve put in saving that money,” she said. “It is crucial to get out of this mindset and have your head in the game.”