Atomic Blog

Rebuilding Your Savings After A Pandemic

COVID-19 has caused a financial mess - affecting people's income, savings accounts and jobs.

  • Author Atomic Credit Union
  • Posted May 29, 2020
  • Categories

The economy has taken a hard hit since the Coronavirus took hold in March of this year. A lot of people have had to file for unemployment due to mass layoffs, furlough, or just plain job loss. Others have had to put their big life events on hold - like getting married, hosting a baby or wedding shower and family reunions.

One large impact the Coronavirus has made is on our saving's accounts. Yes, OUR saving's accounts. This has affected all of us. So, we would like to explain a few tips to help you get your savings back up to where it was, or where you would like it to be!

Once phrase a lot of people do not like is "Emergency Fund". For whatever reason, it just seems to spark uneasiness, or a sense of panic. So, let's just refer to it as your saving's account. 

Most institutions do not require minimum deposits. And here at Atomic, you only need $5.00 to open your saving's account. Once you have that task completed, you can deposit whatever amount you want - daily, weekly, monthly, quarterly.....you get the jist. In addition, you can have a portion of your payroll (or other form of income) check automatically deposited so you don't even miss it! Before you know it, you'll have $100!

Setting a Goal:

Another thing most of us like to sway from, because we're afraid of failing. So, that's why it's very important to START SMALL!! Don't jump out the gate with something that's impossible to achieve....that's where most of us mess up. It's hard to save $100 per week. So, instead, shoot for saving $1 per day. Sounds little, but in a year you have $365! 

Do you buy your morning coffee everyday? STOP!

Brew your coffee at home. It's much more cost efficient, and BOOM! There's your $1/day as mentioned above that you can save instead! Buy your bottled water at the local convenience store? Stop that, too! More than likely you have a travel cup in your cabinets at home that you can fill up and take with you!

Keep an eye on your card perks, too. Most companies offer cents off per gallon at the gas station, or cash back. Take advantage of those rewards and you'll soon see some extra cash! 

Did you receive a stimulus check from the government due to the pandemic? 

No, we aren't going to tell you not to spend it. What fun is that? However, try to save a portion of it if possible.

Cut out your nonessential spending....subscriptions to magazines, memberships you don't use, etc. Your essentials are living expenses, like your mortage/rent, groceries, utilities, insurance, loan payments. Try to cut anything extra out (for now!) You can always start those magazine subscriptions back up once you build your savings.

We do hope you find this helpful, and encouraging! It's such a good feeling to look back and know you have a little cushion if you need it...and remember, start small and work your way up! We want YOU to SUCCEED! :)

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