The coronavirus pandemic has affected many aspects of Americans' daily lives, including their budgets. Roughly two-thirds of Americans, 64%, say their spending habits have changed since the start of the pandemic, according to a recent Bank of America survey of over 2,500 adults.
That includes changes felt by both unemployed and employed Americans. Many employees have been working from home in recent months, which typically affects their commuting and dining expenses. But other categories, such as gym memberships, travel, data-test="TableHeader" style="border-color:#002f6c">
Where spending shifted in August
| Category | 2019 Monthly Spend | 2020 Monthly Spend | YOY Change |
| Investments | $940 | $1334 | 41.91% |
| Pets | $160 | $197 | 23.13% |
| Education | $699 | $818 | 17.02% |
| Home | $1831 | $1997 | 9.07% |
| Food & dining | $862 | $920 | 6.73% |
| Health & fitness | $270 | $286 | 5.93% |
| Shopping | $766 | $810 | 5.74% |
| Gifts & donations | $275 | $287 | 4.36% |
| Loans | $583 | $608 | 4.29% |
| Kids | $443 | $431 | -2.71% |
| Personal care | $133 | $127 | -4.51% |
| Fees & charges | $139 | $129 | -7.19% |
| Business services | $355 | $326 | -8.17% |
| Auto & transport | $670 | $609 | -9.10% |
| Travel | $584 | $458 | -21.58% |
| Entertainment | $120 | $93 | -22.50% |
| Bills & utilities | $623 | $474 | -23.92% |
| Financial | $871 | $612 | -29.74% |
In August, consumer spending>Long-term savings may not be as much as expected
Despite the increases in some categories, many Americans say they're spending less and saving more right now. Over half, 53%, of consumers report saving more than they typically do over the last three months, according to a recent survey of over 2,000 adults conducted by The Harris Poll data-test="Pullquote">If you're forced to do something and you don't really embrace it from a mindset shift, then the second you have the ability to do the other things, you're going to go back to that behavior because you didn't really embrace the change.Shannon McLayfounder of The Financial Gym
The one area where McLay says that people may continue to keep their spending reduced is on gym memberships. Even now that most gyms are open, McLay says she's seen a significant shift in clients thinking twice about starting up their gym membership again, especially because many shifted to virtual or live streaming classes and workouts at home.
If you want to make real, long-term changes to your spending, set savings goals for specific outcomes, McLay suggests. If you want to travel next year, for example, start setting money aside specifically for that.
Give your budgeting and saving a purpose that you can continue to work toward, McLay says. That way, you'll keep contributing even when you have more opportunities to spend in other areas.
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