# American's Savings Increase during Pandemic Shut-down



## Em in Ohio (May 30, 2020)

(From Accuweather post)

"*May 30, 12:12 p.m.*
*U.S. saving rates have hit 33% in April — a new record high — amid the coronavirus pandemic, *according to *t*he U.S. Bureau of Economic Analysis. According to CNBC, *this rate, which shows how much people save as a percentage of their disposable income, is the highest since tracking began by the department in the 1960s.* This number nearly triple the amount of March’s 12.7% saving rate. With the record savings rate, spending declined by a record 13.6% in the month of April. *“The saving rate is the residual of an extraordinary event,”* Diane Swonk, chief economist at Grant Thornton, told CNBC."

I have zero disposable income.  My April credit card spending was also zero and my bills are paid!  I'm not exactly contributing to rebuilding the economy, but it is nice to see minimal cash depletion.

Perhaps our priorities have changed and we have discovered that we can get by without 'luxuries.'


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## Aunt Bea (May 30, 2020)

I wonder how much of this if any is attributable to the stimulus checks hitting people's accounts.


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## Don M. (May 30, 2020)

Our bank accounts are growing a bit....all the casinos are closed, and we're just making quick trips to the store for needed items.  We probably haven't put 100 miles on the vehicles in the past couple of months.


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## Em in Ohio (May 30, 2020)

Aunt Bea said:


> I wonder how much of this if any is attributable to the stimulus checks hitting people's accounts.


Hmmm - you mean that $1200 we were supposed to go out and blow immediately?  Mine is still sitting in the bank and staying there as long as possible!  More likely, it's the $600 a week unemployment _bonus_ that gave so many a freaking raise they did nothing to deserve, in my opinion!


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## mathjak107 (May 31, 2020)

Em in Ohio said:


> Hmmm - you mean that $1200 we were supposed to go out and blow immediately?  Mine is still sitting in the bank and staying there as long as possible!  More likely, it's the $600 a week unemployment _bonus_ that gave so many a freaking raise they did nothing to deserve, in my opinion!



i agree , not linking the 600 to income and prorating it is nuts .... i worked one day a week .... i m getting 2x my pay in unemployment ...even i think it is crazy ..


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## Em in Ohio (May 31, 2020)

mathjak107 said:


> i agree , not linking the 600 to income and prorating it is nuts .... i worked one day a week .... i m getting 2x my pay in unemployment ...even i think it is crazy ..


Congratulations on your good fortune; but yes, it seemed ridiculous to me when suggested and I couldn't believe it _passed_.


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## mathjak107 (May 31, 2020)

we took our entire stimulus check and gave it to st mary's childrens hospital by us .. i figured they can use it more than our gov't wasting it


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## hellomimi (May 31, 2020)

I am an odd ball here since I've been spending more, not less. My income may have increased a bit but now, I'm spending more to help my family and friends. I have less time now to look for bargains like I did before so I shop online and hopefully find a good deal. I just tell myself I'm doing my share of stimulating the economy. LOL


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## Pecos (May 31, 2020)

mathjak107 said:


> we took our entire stimulus check and gave it to st mary's childrens hospital by us .. i figured they can use it more than our gov't wasting it


Good for you.
We also gave our to charities and individuals that we knew were hurting in this economy.


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## OneEyedDiva (Jun 9, 2020)

As they should; at least those who are able to do so. If the affects of the virus are not a wake up call about why having an emergency fund is so important, then I don't know what would be.


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## JustBonee (Jun 9, 2020)

I've tried to save the "extra" stimulus money,   but a few trips  to the grocery store have made a major dent in that money.


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## Getoffmylawn (Jun 12, 2020)

It's all about habits. If you develop the habit of saving, it carries you through storms. I try to spread this wisdom to my family but there are some who get it, and some who never will.


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## Knight (Jun 12, 2020)

With the stimulus  adding  1 trillion to the deficit & the savings increasing not hard to figure out that the only stimulus happening is in peoples savings.


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## fmdog44 (Jun 13, 2020)

Nice but remember when your savings account is paying 1% or less as is common now and inflation is 2% you are losing money, not saving it.


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## OneEyedDiva (Jun 15, 2020)

Getoffmylawn said:


> It's all about habits. If you develop the habit of saving, it carries you through storms. I try to spread this wisdom to my family but there are some who get it, and some who never will.


Boy are you right about *that*! I've been a saver since my 20's, done the same as you and encountered both types you speak of amongst my loved ones.


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## CarolfromTX (Jun 15, 2020)

I think at least part of it is because people aren't eating out and going shopping. We probably saved  several hundred dollars in the first couple month of lockdown because we didn't eat out for lunch.


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## Uptosnuff (Jun 16, 2020)

I certainly have been saving money since the shut down.  Some of the contributing factors of that are:
1.  Not driving 40 miles every day to work and back.
2.  Not buying lunch every day.
3.  Not being able to go out to restaurants.
4.  Stimulus debit card went to pay property taxes, so didn't have to take as much out to pay them.

That debit card - I could have easily thrown it away by mistake.  Only didn't because I heard someone else complain about doing that very thing and having to get another card sent out.


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## Red Cinders (Jun 17, 2020)

That's great if people who are uncertain about having a job are saving the stimulus.  Fortunately, we aren't in that position, so we decided to use the checks as intended to help stimulate the economy.  We bought a new washer/dryer and bed and still have some left over.  Ours were on their last legs and because we're frugal types, we were putting off buying new.  We figured this would be a win-win for us and the economy.  Now the problem is getting them delivered because there is a backlog.  We've had deliveries of all put off because they can't get the products.

I only received my stimulus check last week and was surprised it was an actual check and not a debit card.


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## fmdog44 (Jun 18, 2020)

Typical government talking a possible second round of checks when so many needy folks never got the first one and many who don't need it got it four days after applying.


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## gennie (Jun 18, 2020)

Some is probably due to places of amusement and holiday-ing all being closed.  Can't spend it for fun so may as well bank it until I can.


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## JaniceM (Jun 18, 2020)

Well, I'd initially thought a small amount of savings would be an option, but it hasn't worked out that way.  As clients are hit by the coronavirus and its effects, that 'hit' has been passed along to me.  So I haven't had any work, and, thus, no pay, since the last week in April.  So, much of the stimulus check has been going for regular bills.  It's getting worrisome, as I don't know when or if  work will return to normal.


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