Americans are responding to the Covid-19 pandemic by spending less on that double shot espresso and takeout dinners, while taking advantage of deals and discounts at retail stores and online.
That’s one of the main takeaways from OnePol on behalf of Slickdeals, which surveyed 5,000 residents of all 50 states.
“Making smart purchase decisions and looking for deals or coupons is a great way to accelerate your savings,” said Ryan Tronier, senior personal finance editor at Slickdeals.
It also starts at home, with something as simple as making your own coffee in the morning. They were also taking advantage of deals and discounts instead of buying at retail price (45 percent). And 44 of respondents were getting less takeout.
The data is not unexpected, given the uncertainty and the timeline of when things will get back to normal. The results show that 58 percent of respondents said the pandemic has totally changed how they use their money for savings, with 53 percent saying they are now saving for different things.
And almost 60 percent of respondents (59 percent) say they are cutting back in order to save money.
“Cutting back on your spending does not always require drastically altering your lifestyle,” Tronier said. “Once saving money becomes a priority, you can start to make minor changes that start to add up over time.”
In terms of savings or investment accounts, the average respondent had set aside $17,135 set aside. South Dakota was the most-savings conscious, with an average of $24,497 in savings.
Floridians were 39th with $11,955.