![\"Big](\"https:\/\/www.goandgrow.eu\/blog\/wp-content\/uploads\/Big-savers-1024x768.jpg\")
This year, everyone had to make some sort of adjustment\u2014and one of the most prominent adjustments we\u2019ve had to make, has been changing our budgets. For the past few months, spending habits across the globe changed almost overnight. There was no more getting after-work drinks with colleagues, holidays were cancelled, no more shopping trips, working from home helped you to save money on your commute, and if you\u2019re a millennial, you didn\u2019t go out on weekends to spend money on experiences<\/a>. Instead, you redirected some of that money to spend on groceries, electricity, and perhaps home entertainment and Uber eats.<\/p>\n\n\n\n But even with this shift in spending, there\u2019s one sector that\u2019s been given new attention by our consumer-driven society: saving.<\/p>\n\n\n\n Due to lockdown regulations and normal spending avenues being unavailable, saving was suddenly a lot easier than it normally was. In a recent survey done by TD Ameritrade<\/a>, more than two thirds of 1,000 Americans surveyed said that they\u2019ve found ways to cut back on expenses during the last couple of months. And quite simply put, if you can\u2019t go out to spend money, staying home and saving money becomes a lot easier.<\/p>\n\n\n\n Aside from the lack of expenses, the challenging times we\u2019re living in also contributes to people\u2019s new-found tendency to save rather than spend. With uncertainty regarding employment, remuneration, and quite frankly, life in general, people are decreasing their spending and saving instead<\/a>. Because of the uncertainty, and the unsure circumstances, we\u2019re holding on to our money rather than spending it like we did back when life was \u2018normal\u2019. This change in behavior could have us come out of this year being risk-averse and savings-obsessed.<\/p>\n\n\n\n Many view this as a good thing. Young people all over the world are behind when it comes to financial milestones and having smarter savings habits could help them get ahead. In the US, millennials and Gen X save less than 10% of their salary<\/a>, or nothing at all. In Latvia, more than 45% of millennials are not saving up for retirement<\/a>. And in Spain, where millennials have to spend roughly 50% of their salary on rent<\/a>, saving seems a far off distant dream, rather than an actual goal.<\/p>\n\n\n\n It\u2019s no secret that we\u2019re heading for a global recession<\/a>, and with consumers aimed at saving rather than spending that could lead to an even slower increase in GDP growth. But in the long run, that could be good news for the economy. By having a slower, steadier growth rate and citizens that are financially more secure due to smart saving habits, the global economy might be able to handle shocks better in future, and be a stronger financial society overall<\/a>.<\/p>\n\n\n\n Of course, some experts believe that this rise in spending won\u2019t necessarily stick<\/a> around forever. Once we have a form of normal life again, people might revert back to their pre-lockdown ways. This is especially possible when the things we\u2019ve been depraved of for so long; travel, going out, getting our favorite cappuccino and going on trips, are available and safe again. But, after the initial return to a normal life, perhaps people will decide to continue to prioritize their savings and investments.<\/p>\n\n\n\n Saving can feel easier and more achievable if you commit to small, consistent payments into a savings account every month. Although this is a low risk way of saving, the yields on your account might not be very lucrative. That\u2019s where investing can be more rewarding.<\/p>\n\n\n\n Although investments always come with some form of risk, you can opt for a lower risk investment option that still yields stable net returns. With a product like Go & Grow<\/a> where you can get up to 6.75% return p.a.* you can enjoy your life, while your money continues to work for you at a higher return rate and without much input.<\/p>\n\n\n\nSpending<\/s> Saving<\/h2>\n\n\n\n![\"Staying](\"https:\/\/www.goandgrow.eu\/blog\/wp-content\/uploads\/Staying-home-has-always-been-one-of-the-easiest-ways-to-cut-back-on-costs-1024x684.jpg\")
<\/figure><\/div>\n\n\n\n![\"Savings](\"https:\/\/www.goandgrow.eu\/blog\/wp-content\/uploads\/Savings-habits-1024x684.jpg\")
What about the economy?<\/h3>\n\n\n\n
Old habits die hard<\/h3>\n\n\n\n
Saving and investing<\/h3>\n\n\n\n
Going back to \u2018normal\u2019<\/h3>\n\n\n\n