Spending, savings and lending are hot topics right now. Everyone has an opinion…and so they should, everyone is different. To see just how different everyone is we have been reading hundreds of stories about how personal spending has changed through coronavirus.
So far, we have found three groups of people that are now living vastly different lives:
Business As Usual (BAU):
The BAU crowd is generally made up of essential workers. They are still going into work every day, filling their car with fuel and purchasing takeout. The BAU’s have generally not taken a financial hit, but their spending on discretional items have dropped.
When discussing saving money:
“We’re banking about 80% of our net wage over the last month which is ridiculous. Really didn’t think we were spending that much on lifestyle either”
Working From Home (WFH):
A LOT of workes have now turned their lounge room into a mini-office. Their co-worker is now their cat who thinks the keyboard is a bed and there are no uniform requirements from the waist down. The WFH’s have typically saved car or public transport costs, along with takeout and 2-3 coffees per day. Other costs associated with child care or schooling have dropped. But they may have made a large purchase such as a computer or other office equipment. The WFH’s are not looking forward to the next power bill…
When discussing spending less:
“100% I’m working from home and not had a reduction in Income. No gym membership, way less fuel, not eating out at all and not drinking at bars etc”
Sadly there is a large portion of our country that have been temporarily stood-down or have lost their job. These people are hurting and are unsure about the future. Their income has likely been completely wiped out but the bills have not stopped. Some of the biggest industries hit include tourism, hospitality and fitness. We don’t have any pun’s or smart comments for this category, we wish them all the best.
When discussing current spending habits:
“My spending is down, I don’t eat out any more or pay a gym membership. I barely drive my car. Would rather have a job still”