VIRGINIA (WDVM) — It’s National Savings Day on Oct. 12, but many Americans feel anxiety surrounding finances during the COVID-19 pandemic.
WDVM 25 spoke with Rebecca Gramuglia, Consumer Expert at TopCashBack.com, about how those who are struggling financially can still save. She says that having an emergency fund is especially important during a time of economic uncertainty.
“The general rule of thumb is to have about three to six months worth of income in your emergency fund, and I think the real key here is to always just add to it consistently,” said Gramuglia. “So whatever you are able to contribute, it’s really important to build on that going forward.”
In addition to an emergency fund, Gramuglia says that it’s important to save money and spend less where possible. A survey conducting by TopCashBack.com found that 42% of Americans have been spending less money than usual in the past six months.
“People are prioritizing what they need to spend money on and what they need to save, instead of focusing on any wants,” she said.
Lastly, Gramuglia says that when you do need to do essentials shopping, it’s important to look for deals.
“Using coupons, shopping deals, and sales and comparison shopping with other items can help save money,” she said.