Social Distancing Savings | St. Johns Bank
We’re in the midst of a season when people expect to be spending more time outside at summer camps, in sports leagues, at amusement parks and on vacations. With guidance for preventing the spread of COVID-19 advising us to keep our distance from others and avoid crowds, all those things are on hold for many people.
While that’s disappointing and may leave us all more than a little stir crazy, it’s important that we find some silver linings in the midst of all this.
In this case, there’s an opportunity for significant savings from shelving all those typical summer activities this year. That’s money you can sock away for any of countless purposes, from the fun to the mandatory!
Here are some projects and activities you may consider as beneficiaries of your social distancing summer savings:
Ways to Make Your Summer Savings Work for You
Starting or building an emergency fund. Keeping a fund large enough to cover three to six months of expenses is a great way to protect yourself from unexpected financial distress. With the current economic uncertainty, keeping these extra dollars in an interest-bearing account provides great peace-of-mind.
Save for a planned fun expenditure. You can help deal with the disappointment of missing out by saving money toward something you really want. Whether that’s a big family trip after things settle down or a splurge on a video game system, saving for it gives you something to look forward to.
Invest in some home improvement. With all your extra money and time at home, this may be the perfect time to tackle those projects you’ve considered. From economical jobs to major renovations, many of these home improvement projects can pay off when it comes time to sell your place.
Prepare for brighter days. No matter how bleak things may seem at the moment, medical experts say we’ll get a handle on this situation, which should mean an eventual return to normalcy. When that time comes, saving your extra money from cancelled summer plans can help you be prepared for a return to normalcy in your expenses, which can help you prevent stress related to meeting bills.
If you want to put the money you save to work for you, contact us at St. Johns Bank to talk about your options.