ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / MONEY 101

5 Steps You Should Take If You Have Spent Your Pandemic Savings

So if you are one of those Americans whose savings are towards the end, then here are some ways to get you going this year.
PUBLISHED JUN 2, 2024
Cover Image Source:  Steps to take if you have depleted your pandemic savings (representative image) | Pexels | Photo by Karolina Grabowska
Cover Image Source: Steps to take if you have depleted your pandemic savings (representative image) | Pexels | Photo by Karolina Grabowska

It's a known fact that Americans saved a lot of money in the two years of the pandemic. However, a new report by the Federal Reserve Bank of San Francisco indicates that those savings have been depleted as of March 2024. So, if you are one of those Americans whose savings are towards the end, here are some ways to get you going this year.

Image Source: Unsplash | Photo by Towfiqu barbhuiya
Savings (representative image) | Unsplash | Photo by Towfiqu barbhuiya

This means one needs to evaluate the financial situation and see what needs work. To start, one can review the monthly expenses. Other ways include identifying and eliminating non-essential spending. One can also create a vision board that will help you get where you want to be. Evaluating finances also includes building long-term plans for business activity and identifying companies that you may want to invest in.

Image Source: Photo by Karolina Grabowska | Pexels
Creating a budget (representative image) | Photo by Karolina Grabowska | Pexels

Creating a budget is extremely important and while it may be a common tip, you may be surprised to know that not many people sit down to make a budget. However, one needs to make a budget and also make sure that the budget is balanced so that not a lot of money is sucked out of the household without any reason.

Image Source: Pexels | Photo by Ekaterina Bolovtsova
Increasing income streams (representative image) | Pexels | Photo by Ekaterina Bolovtsova

There are plenty of ways to increase your income and cover all the expenses in your budget. Some of the ways include getting a side hustle, asking for a raise at work, or looking for more freelance opportunities. Other ways include setting up an online business or simply selling extra items that hold no value to you but may fetch you some money. Other than this, if you have an extra space that you can rent out, that could also get you a substantial amount of money in these times of rising real estate costs. 

Retirement savings can help you a lot when you are not earning. Image Source: Unsplash|Photo by Towfiqu Barbhuiya
Retirement savings (representative image) | Unsplash | Photo by Towfiqu Barbhuiya

It's a well-known fact that everybody should have an emergency fund but it's easier said than done. If you are somebody who is just starting, it's important to remember to start small. If you don't have a lot of cash on hand, try and set up an automatic transfer into one account until you reach your target. Also, once you have an emergency fund set in place, be sure to forget about it. It's important to know when to tap into the fund and when it stays put. 

Making clear expectations of needs and wants is essential|Pexels
Making clear expectations of needs and wants is essential|Pexels

The country is currently struggling with rising credit and amid this, it's important to put in efforts to slowly reduce debt. Debt can affect your ability to pay your regular expenses and therefore, having a proper plan of action is needed to pay off debt and not fall into the debt trap. To do so, one needs to focus on high-interest debts and pay them off first. You could also try to negotiate and lower your interest rates. Moreover, you can also consider debt consolidation loans which can help to reduce loans in the long run.

MORE ON MARKET REALIST
One of them said that talking to neighbors before launching the dog park at home is the key.
14 hours ago
Some apps do have the option to secure the funds using bank accounts linked to them.
15 hours ago
The retired security guard heard an announcement on television that a particular lottery ticket hadn’t found its prize winner yet.
1 day ago
The couple are unapologetic about their decision and even have a club dedicated to spending the inheritance of kids.
1 day ago
Anything from old Chinaware to vintage video games and Pokemon cards may be rare collectibles in this day and age.
4 days ago
As soon as she won the lottery everyone from her colleagues to the customer and even her ex-husband claimed their share.
6 days ago
The return on investment for these kits has outpaced that on certain stocks and precious metals.
7 days ago
People in the comments were upset about the way casinos deprive people of their winnings by all means possible.
Oct 23, 2024
Guijarro and his girlfriend spent a year to find evidence that could authenticate the rare picture.
Oct 22, 2024
As many as 76 percent of Brown University students are registered with Shiru and they place an average of 600 orders a day.
Oct 22, 2024
As the boos got louder and things seemed out of control, Pat Sajak hit back with witty response
Oct 20, 2024
The founders refused to let the judge's cruel comments deter them from pursuing their goals.
Oct 17, 2024
Bill Morgan, a trucker from Australia, achieved the miraculous feat back in 1999.
Oct 12, 2024
Jared took his bill to one of the most famous pawn shops where they told him it was worth a small fortune.
Oct 6, 2024
She went to a CVS store in Blacksburg to purchase a Mega Millions ticket for the upcoming big jackpot of $893 million on March 18, 2024.
Sep 28, 2024
Depositing a check twice is illegal, but it's an easy mistake to make, especially with the advent of remote deposits through a bank’s mobile app.
Sep 27, 2024
Can I use a family member's Costco card? A Costco membership comes with restrictions, so be sure to know the rules. We'll break the rules down.
Sep 26, 2024
Heritage Auctions called the piece "birth certificate of America's last silver dollar". 
Sep 25, 2024
Ruth L Gottesman got $1 billion in Berkshire Hathaway stock upon her husband's passing.
Sep 25, 2024
Before we get into this list, think of anything that you might use only once or twice.
Sep 24, 2024