How to save during the coronavirus pandemic
According to a new survey, while some Americans were forced to wipe out their savings during the coronavirus pandemic, others were actually able to put some extra cash away.
I've definitely the person that if I see the money, I'll spend it. For Stacy Kelly and Dog Guinness, life in Los Angeles could be expensive, but Kelly always thought she had a good hands on her finances. I always put the most I could in the 401 K, but I would spend pretty much anything I saw in my checking account. She was spending hundreds each month of the hair salon and hundreds more eating out. When she decided to leave her job and content creation to start her own business and the pandemic hit, Kelly was unprepared. I had no savings. I had no assets. And that's when I really just decided, like I have to really take control of like where I am. The pandemic has prompted many, just like Kelly, to get serious about their finances. In fact, in a new CNBC and Acorns invest in you survey conducted by Surveymonkey, 46% of people now considered themselves more of a saver than before. I think clients are much more in tune to their finances than ever. The survey also found almost a third of people needed to tap or completely wipe out their emergency savings and more than one in 10 needed to borrow money. Son group Wealth Partners When his son suggests for those with debt. Pay that off first. I always quit. It's like swimming with a broken arm. If you have debt, that's your broken arm. It's really difficult to get very far, Son says. Once you paid off your debt, established an emergency fund, set up automatic savings for this as well as automatic bill pay. So you don't miss payments to go back into debt. If you have extra funds to invest, concentrate on tax free accounts like a 41 K or IRA. I actually have buckets, and I can actually put money into it, which is really exciting for me because I never had that before. And I feel like I have control over where my money is going each time, and that feels really empowering. Health. Solomon CNBC Business News