COVID has taught us plenty of things. It has taught us that we weren't nearly as healthy as we thought we were, that we touch our faces more than we knew and that we can do our jobs from home if we have to. Of course, we've also learned that tomorrow isn't guaranteed and that jobs can be gone in an instant, leaving most of us in a horrible financial situation.
The response to the lessons in Idaho has led many people to start saving. Early on in the pandemic, that was pretty easy to do. There wasn't any entertainment to speak of to spend money on. There weren't vacations to go on. There wasn't even toilet paper to buy! A new study by CreditNinja says that the average Idahoan has saved an average of 388 dollars per month since March 2020.
This money that used to be spent on entertainment and fun is now being put into savings accounts. If unexpected job loss occurs in the future, there is at least enough to get by for a few months. This process of "pandemic-proofing" your life is long overdue for most of us. I've heard it said that you should have at least three months of income in your savings account for a rainy day. Still, the majority of Americans live paycheck to paycheck. That's why so many Idahoans are concerned about ruining their credit during the pandemic.
According to CreditNinja, the 388 dollars per month that Idahoans are saving is more than the average American, who saves 329 dollars per month.