The pandemic is shifting the way we think about our money. The focus has gone from spending to saving.
More Americans are now prioritizing building up their emergency savings. A Bankrate poll finds 54 percent of Americans have more emergency savings than credit card debit. That's 5 percent higher than last year's poll.
George Friedman, with the mobile banking app Qapital, says that's true across the board.
“We’ve seen people being successful at changing behavior at all age groups, and phases of life. So, the key is to really automate and set up specific goals. Try to think about the long-term, so that it’s motivating,” Friedman said.
He recommends to do a regular check of all spending, and see if there are ways you can cut back.
“Doing a deep cut maybe once a year, and really see which categories of spending makes you happy,” Friedman added. “And you’d probably be pretty surprised that you can find categories of spending that you don’t miss, that you can turn into savings.”