Summer spending up as COVID-19 vaccinations increase, survey finds - but there are ways you can save money
Spending is up as economies open back up. But as socialization increases, Americans are feeling the pinch. (iStock)
As the number of Americans becoming vaccinated for COVID-19 grows, so does the strain on their wallets, according to a new survey.
Compared to before the global pandemic began, land development company Lombardo Homes found that spending on social activities has risen 44%. Their survey also found that nearly three-quarters of respondents (71%) have felt the effects of inflation as they venture out 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 dining, while 28% said they felt it in transportation and 19% saw it in entertainment.
There are ways to save, though, if you've felt a strain on your personal finances recently. Keep reading to learn about how you can ensure you meet your monthly bill payments 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 lender for your needs.
Americans are spending more – but how much?
Despite the growth in social spending, the survey found that 79% of respondents initially felt anxious about actually socializing in person once again. Most are still wearing masks while doing so, and nearly half (45%) of that group want that to be the norm.
However, $118 was found to be spent each weekend on social activities.
If your social spending is increasing, there are several ways to cut back and ensure you are saving part of your paycheck. For example, Americans can take out a personal loan to help pay down high-interest credit card debt and reduce their monthly payments. Visit Credible to compare multiple lenders at once and find the best rate.
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3 ways Americans can save their money
There are a variety of ways that Americans can cut back on unnecessary spending – and even add to an emergency fund – as the country and world slowly works to return to normalcy in a social, financial and economic sense. In addition to smaller changes to money habits like spending less on groceries, canceling unneeded subscriptions and reconfiguring a cable bill, there are several other larger-scale options consumers can try. Here are 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%. During this time, homeowners can refinance their current mortgage to potentially save hundreds on their monthly payment. Use a mortgage refinance calculator from Credible to find out how much you could save.
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Refinance your student loan: Similar to mortgage rates, student loan refi rates are at also historic lows. Those with private student loans could reduce their minimum payment by refinancing into today’s low interest rates.
Bear in mind that refinancing federal student loans makes you ineligible for protections like income-driven repayment and administrative forbearance. Visit Credible to get prequalified in minutes without affecting your credit score.
Compare auto insurance rates: Although drivers may get the best price when they first sign up for car insurance, changes like your age, credit score and driving history affect which insurance group offers lower rates. The cost of insurance has risen over the last decade, and since prices vary from company to company, it's important to shop around to get the most favorable rate.
You might find that you can save through a variety of discounts, like multi-vehicle, student and safe driver. Use a tool like Credible to shop around and lower your car insurance premium today.
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