We\u2019re slowly but steadily beginning to crawl out of an era that kicked up a devastating worldwide recession\u2014inclusive of stressed-out young people new to the workforce and confused about spending and saving in a post-pandemic world.<\/p>\n\n\n\n
This past year\u2019s economic wake-up call has dropped some hypotheses on what we can expect the post-pandemic economy to look like. It is a super intimidating time to be stepping into the real world. A new normal is on the way and we\u2019re emerging into a post-Covid economy. So here are 4 saving and spending tips to consider.<\/p>\n\n\n\n
Have some leftover stimulus money? Save it!<\/p>\n\n\n\n
Your modest but mighty stimulus checks can jumpstart an emergency fund. But if you have an ample amount of money already set aside in your savings account \u2014 as in 4-6 months\u2019 worth of living expenses to cover an emergency, try investing it instead. That way you already have an emergency fund to bank and an additional income from your new investment. Thereby making it a win-win situation for you.<\/p>\n\n\n\n
The good news is that unemployment benefits<\/a> received in 2020 are not fully taxable. The tax slab extends up to $10,200, any income over the specified amount is taxable.<\/p>\n\n\n\n However, note that most unemployment compensations qualify as income and are taxed <\/a>accordingly, whether it\u2019s automatically withheld or not it needs to be paid back.<\/p>\n\n\n\n The most important advice our parents could have given us all our lives is to make saving and investing a habit. Don\u2019t you think this is the best time to reconsider instead of putting this off like we always do?<\/p>\n\n\n\n Start with a comfortable savings account that holds about six months of expenses. Then think about investments!<\/p>\n\n\n\nStart Investing<\/h2>\n\n\n\n
How Do We Start?<\/h2>\n\n\n\n
What Kind of Investments?<\/h2>\n\n\n\n