Saving money should be a top priority as the pandemic rolls on, Michael Joyce told Rachel DePompa of NBC12. He recommends taking care of savings first (both emergency and retirement savings) before purchasing a “want” and not a “need”.
That means, if you are tackling home improvement projects right now, stick to the budget.
A lot of people are investing in new cars, RV’s, boats and bicycles. Joyce says that’s ok to do if you’ve taken care of savings first.
“Those things are fine to do if you’ve covered the other pieces of your budget first and again that does include saving for your long-term goals and objectives,” said Joyce.
And when he says savings, he’s not just referring to having an emergency fund — which is important, and a great first place to start. He’s also talking about continuing to invest in your future and put money into a 401k or an IRA if you are able.
Don’t let that simple step fall to the side as you focus on what you want to buy rather than what you need to buy.