Pandemic spending, local financial planner gives outlook – Tucson, Arizona

Tucson, Arizona 2021-08-02 20:25:19 –

Tucson, Arizona — According to Personal Capital, a financial services website, more and more Americans are reaching an agreement that having emergency funding is a higher financial priority than before COVID.

People take vacations again-travel is almost back to pre-pandemic levels. This is an example of people who have cash and are ready to spend it after a tough 18 months.

“Currently, not only are people actually spending, but one of the most exciting things that has happened is that the savings rate has risen significantly, so people feel they can really repay their debts, You can save money, “says Tiana Ronstadt of Power Women Investing.

She says one of the things this trend is showing her is that families are investigating how savings can create or build wealth. But on the other hand, some people have struggled financially while building wealth.

“But as we know, many people lose their jobs or see the load from their jobs. Again, some savings have increased, but will they come back? There was also an increase in the feeling of waiting a minute, whether you were actually making a wage, seeing your savings as urgent money, or I had one. So how do I use it? Is it possible to get out of that sense of salary and potentially pay for it, “says Ronstadt.

She says the economy will take longer to improve than tanks, but due to this big change in everyone’s finances, she sees a significant increase in spending in September and October. I predict that.

She has these tips to give to those who are trying to renew their financial plans. Don’t spend yourself so that short-term savings don’t go into the fall with some short-term savings. The second is to start making credits or backups so that you can take advantage of them in the future. And three will review your cash flow and your costs, “Ronstadt said.

She says she will reassess which subscription services she added to her budget because of her COVID and stay-at-home order. Every penny is important when looking at preparing your finances for the future.

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