Spending in the Time of COVID

Jul 15, 2020 4:45:00 PM

Chances are that your spending habits have changed since the COVID-19 pandemic. You are not alone- for some of our members, spending decreased significantly in some areas (such as travel) but increased significantly in others (such as groceries).

As a not-for-profit financial cooperative, we are truly in this together. Here are some ways HUECU member’s March – April 2020 finances have shifted when compared to months prior to the pandemic.

Increased Cash Flow

Hundreds of members reduced their monthly car payment by refinancing their auto loans with us.

Dozens of members borrowed a personal loan with us at a rate of 4.99% APR, increasing their cashflow.

Reduced Spending

With most of our membership socially distancing, it’s not surprising to see that airline ticket purchases decreased by 80% and clothing store purchases went down by 44%.

Increased Spending

For many in our community, a decrease in spending in one budget category, may have led to an increase in spending in another category. With gyms closed, many of us headed outdoors for exercise. Spending at bicycle shops increased by 137%!

With more of us at home, more home meals were made with a 25% increase in grocery spending. More DIY home projects were tackled with spend at Home Supply Stores such as Lowes, increasing by 34% while Lawn Care Store spend was up 113%.

However, not all of us where tackling home projects, many of us were catching up on digital entertainment; music, movies and books saw an increase in spend of 42%; Prime Video at the top of the list with a 32% increase. Digital games saw our highest increase of 144% spent on e-games.

Our membership is diverse. We understand that these figures may not reflect your household’s finances. Our partners at GreenPath Financial Wellness can offer customized solutions to help you find ways to put more money towards savings or debt repayment. The GreenPath counselors are available for free budget, credit and/or COVID-19 counseling. Give them a call or watch their CEO talk COVID-19 budgeting at www.huecu.org/GreenPath.



Tags: Budgeting