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How COVID-19 Changed The Way We Spend Money

Date:
August 7, 2021

The Covid-19 pandemic has changed the way the world lives, works and uses money. During lockdown restrictions, people stayed close to home, relied more on online shopping and avoided cash in favor of digital transactions.

Here are a few ways the pandemic has affected how we use money:

More digital payments

Digital payment platforms like Apple Pay and Google Pay have seen a rapid rise in use, a shift in preference that’s predicted to last long after the pandemic. 

More emergency funds

An "emergency fund" is like a personal safety net. It’s a savings fund reserved for major events, like losing your job or a major medical expense. 

With the pandemic impacting many household’s paychecks, savings funds dedicated only to emergency use have a new focus. More and more people are starting and beefing up funds saved for emergencies. 

More online shopping

Before the pandemic, online shopping was already gaining ground, replacing a lot of brick-and-mortar retail. With the pandemic’s restrictions, local authorities limited the way we use and visit shops. The convenience of online shopping suddenly had even more appeal, allowing access to essentials unavailable elsewhere. 

More online banking

Just like restrictions on local shopping, local bank branches faced limitations, sending more users online to pay bills, adjust their savings and manage their investments. Digital services like Bright became an essential part of how we manage and use money. 

How Bright can help

Your personal Bright Plan keeps all your accounts in one place. So you can track everything with one app. 

Bright helps you breathe easier, too. Bright manages your card debt for you, learning about your spending habits and making payments automatically, based on what you can afford. When your spending or income change, your personalized Bright Plan adjusts, day by day.

With your Bright Plan you can save automatically, too. Bright finds the fastest, smartest way to help you meet your savings goals. 

Content Team
Bright Money

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