As the number of Americans vaccinated against COVID-19 increases, the pressure on their wallets is also increasing, according to a new survey.
Compared to before the start of the global pandemic, land development company Lombardo Homes found spending on social activities increased by 44%. Their survey also found that nearly three-quarters of respondents (71%) have felt the effects of inflation as they venture into post-COVID society.
Specifically, inflation was felt in three categories: food, transportation and entertainment. The survey showed that more than half of respondents felt an impact on catering, while 28% said they felt it in transport and 19% saw it in entertainment.
There are ways to save money, however, if you’ve recently felt a strain on your personal finances. Keep reading to find out how you can make sure you pay your monthly bills or add more to your savings account; you may want to consider a personal loan amid today’s historically low interest rates. Use an online marketplace like Credible to make sure you’re getting the best rate and the best lender for your needs.
Americans spend more, but how much?
Despite the growth in social spending, the survey found that 79% of those surveyed initially felt anxious about socializing again in person. Most still wear masks while doing so, and almost half (45%) of this group would like this to be the norm.
However, $ 118 was spent each weekend on social activities.
If your social expenses go up, there are several ways you can cut back and make sure you save a portion of your paycheck. For example, Americans can take out a personal loan to help pay off high interest credit card debt and lower their monthly payments. Visit Credible to compare several lenders at once and find the best rate.
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3 Ways Americans Can Save Their Money
Americans can cut unnecessary spending in a variety of ways – and even add it to an emergency fund – as the country and the world slowly strive to get back to normal socially, financially, and economically. In addition to small changes in financial habits, like spending less on groceries, canceling unnecessary subscriptions, and reconfiguring a cable bill, there are several other larger-scale options that consumers can try. Here are just a few:
- Refinance your mortgage
- Refinance your student loan
- Compare auto insurance rates
Refinance your mortgage: Mortgage interest rates are at historic lows and remain below 3%. Meanwhile, homeowners can refinance their current mortgage to potentially save hundreds on their monthly payment. Use a Credible Mortgage Refinance Calculator to find out how much you could save.
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Refinance your student loan: Like mortgage rates, student loan refinancing rates are also at historically low levels. Those with private student loans could lower their minimum payment by refinancing at today’s low interest rates.
Keep in mind that refinancing federal student loans makes you ineligible for protections such as income tested and administrative forbearance. Visit Credible to be prequalified in minutes without affecting your credit score.
Compare auto insurance rates: While drivers may get the best deal when they first buy auto insurance, changes such as your age, credit score, and driving history affect the insurance group that offers higher rates. low. The cost of insurance has increased over the past decade, and as prices vary from business to business, it’s important to shop around for the best rate.
You may find that you can save through a variety of discounts, such as multi-vehicles, students, and safe drivers. Use a tool like Credible to shop around and lower your auto insurance premium today.
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