The COVID-19 pandemic has fundamentally restructured our lives, whether we like it or not. In just a matter of months, we’ve had to get used to not leaving our homes, using video-calling apps far more than many of us care to, and for many of us, surviving without a job. According to statistics from the U.S. Department of Labor, about 42.6 million Americans filed for unemployment as of May 30.

With that in mind, it’s critical to assess what your financial habits look like during the pandemic and how they may have changed due to the circumstances. We’ve dedicated this piece to exactly that. Take a look.

Financial Habits During COVID-19

When myFICO forum members were asked if their financial habits had changed during the pandemic, these were the things that stood out. While some may come as a surprise, it’s very likely that others will seem familiar, as many of us are in the same boat.

More Dining In

Considering restaurants across the country were made to shut their doors to customers in order to curtail the spread of the virus, most people have had to cook their own food and eat inside their homes.

The only ‘dining out’ that people can partake in is having food delivered to them. Many people have reduced this practice as well to save money, though some order takeout occasionally to support local restaurants.

Less Spending on Discretionary Items

People are finding themselves spending less money on luxury items and other things that aren’t necessary in order to save money. For many people, the future remains uncertain amid these circumstances, and they’d rather spend their money on necessary items.

Paying Outstanding Debt

As people save more money, some are dedicating some of their savings to paying off their debts. Not only does this help with their credit, but it also means they’re using their money for more productive purposes.

Careful Grocery Trips

Considering people are averse to stepping out of their homes, they’re more likely to get everything they need from a grocery store in one trip. Moreover, people are being mindful of buying only the items they need, not everything they want.

If you have mortgage payments to make during the pandemic, get in touch with us at Recovering All Investments. We offer a variety of solutions to stop foreclosures, including making payment arrangements for late fees, back mortgage payments, and closing costs, professional credit repair, and leasing and selling your property back to you.