Savings accounts dwindling for Americans
BETHESDA, Md. (FOX 5 DC) - We're more than halfway through 2022, and now financial gurus are saying many people are draining the savings they accumulated during the onset of the Coronavirus pandemic — all to cope with record-high inflation.
The Wall Street Journal says households at all income levels are feeling the impact. A lot of families with savings are reportedly tapping into the accumulation to cover increased expenses across the board.
The financial publication reports from the beginning of the pandemic through last year, homes nationwide accumulated nearly $3,000 in additional savings.
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FOX 5 spoke with Randy Jones, a wealth financial advisor based in Northern Virginia, who suggests people should start pouring back into their savings with a nominal amount per paycheck.
"When you're starting a savings plan the best way to handle it is to decide that you're going to put a little bit of money aside or set up with your payroll where you're going to put $200 $250 or whether it be $500 — start small and have that money put into another account at a separate bank outside of where you normally spend and have your bills coming out of," Jones said. "When you get to the end of the month, if you haven't touched that money, then you know that you can start saving that and consistently build on that to restore your savings if you had to dip into it.