How to Save money in COVID times
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  1. #1
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    Default How to Save money in COVID times

    Hello I wanted to know how are you saving money in these pandemic times. Are you investing it in something low risk or are you keeping the money under the matress because of the high uncertainty.

  2. #2
    Registered User Contrary Housewife's Avatar
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    Investing in anything with "risk" is no way to save money. Asking random people on the internet is not the way to get sound financial advice.
    Stop trying to organize all of your family’s crap. If organization worked for you, you’d have rocked it by now. It’s time to ditch stuff and de-crapify your world.

    If you're not using the stuff in your home, get rid of it. You're not going to start using it more by shoving it into a closet.

    Use it up, Wear it out,
    Make it do, Or do without. ~unknown

    A clean house is a sign of a wasted life. ~unknown

  3. #3
    Registered User KathyB's Avatar
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    Our Investments are in retirement accounts. I had very good timing as my husband persuaded me to move it all to a low risk fund in December. This was unrelated to Covid. I am eligible to retire in seven years. It is five years for my husband. So it was about time to switch.

    We are still working - full time telework currently. Money is taken out of our pay automatically and put into our retirement fund. We have not changed that.

    We are doing okay financially so we have not taken any money out of it.

    Having said that, low risk is not no risk. I imagine we have lost money. However, I feel like the market will recover at least partially by the time we retire.

    One of the worst things to do is cash out stocks when they are low and buy back after prices have gone back up.

    We also have our regular amount of emergency funds set aside. My husband and I are both government workers. This means we need some money for the next time the government shuts down. However this means our job security is very high.
    KathyB

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  5. #4
    Registered User CPA-Kim's Avatar
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    I converted my IRAs into IRA CDs. They only earn between 2 and 3 percent but I will re-evaluate at the beginning of next year.
    My goal is to let all interest roll over and not take anything out. That means living on my monthly retirement income.

    I'm pretty risk averse, especially for a CPA, but my health situation dictates my investment choices.
    Kim
    The Lord will provide

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