Pennsylvanians lean towards saving, investing during pandemic

Local News

ALTOONA, Pa (WTAJ) — To save money or spend it? That is the age-old question and it’s one that is changing as things open back up.

“It’s never too early to start to save and invest and it’s critical that not only are we working to reach those goals but we protect the assets that we have,” Pennsylvania Department of Banking and Securities Investor Education Coordinator Katrina Boyer said.

Boyer said you can get a stronger return by taking that hidden stash of cash from under your pillow and instead invest it, but she adds you’ll still want to keep some of that stored away for those rainy days.

“We want to make sure we have those savings in place so that way we can protect what we have invested and still cover those emergencies without having to go into debt,” Boyer said.

It seems like this pandemic has been eye-opening to a lot of people giving them the time to learn how to not only save their money but invest it.

“I don’t spend as much anymore because I actually think about what I’m buying and think about do I actually need this,” Bellwood resident, Amanda Partener said.

Partener is just one person changing the way she manages her money.

“I just kind of started saving it because I wasn’t spending it as much,” Jessica Worley said.

And along with saving for short-term goals…

“That way I have money there for when I need to start paying off my loans as well as when I finally get my own apartment I have money there that way I’m not straight off trying to figure out how am I going to pay off all my bills,” Partener said.

Some are thinking even farther into their future.

“We’re already thinking about retirement, we are saving long term,” Tyrone resident, Michael Rhodes said.

And starting early can lead to early rewards, that was the case for one Bedford County resident who’s sharing the key to his success.

“As soon as you can start thinking about maxing out if your employer has a match on your 401k make sure you have all of that match and then start investing and try to get to the point where you are putting 10% of your pay away in your 401k and you can retire early, like we did,” Saxton resident Barry Kriebel said.

Don’t forget before you invest your money to take the time to learn how. The Pennsylvania Department of Banking and Securities has presentations to help educate the community on investing basics.

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