Paying bills is difficult for many these days, and a new survey shows that Americans are cutting costs or even adopting a ‘minimalist’ lifestyle to make ends meet.
NEW YORK – From our social life to professional careers, life as we know it has shifted since the beginning of 2020. Well, almost everything; millions could lose their jobs because of COVID-19, but that does not mean the bills have stopped arriving. Indeed, paying for tickets is an indispensable part of life, even during a pandemic. Unfortunately, a new survey of 2,000 Americans finds that one in four (24%) has already missed at least one payment since the pandemic began.
Among that group, 26% say they have not paid for their mobile or cable bills. Another 25% could not pay for streaming services, and perhaps some more worries, some of them billing for electricity as utilities.
On average, Americans who admit to skipping a bill have missed five bills in total.
Commissioned by EnergyBot, the survey proposed measuring how much COVID-19 has cost Americans financially. Careful, money is a big concern these days. In fact, 63% say ‘they’ are ‘always’ worried about paying all their bills. Similarly, 58% have been fighting extra stress over their accounts since the pandemic began.
Ways we cut back
With the latest statistics in mind, it then makes sense that 65% of respondents admit that they had to make some sacrifice recently to make ends meet. What type of offerings are we talking about? Many have canceled subscription services (38%) and gym memberships (39%). Others cut costs by not ordering takeout food (35%).
Overall, 52% say they only buy the “essentials” these days. Another 43% no longer buy premium quality goods (toilet paper, gas) in an attempt to save some money. Some adopt new lifestyles: 41% say they follow a ‘minimalist’ approach to life.
Moreover, about two out of five people never use their credit card again because it encourages them to spend more.
Increase pensions to pay bills
One-third of Americans are also forced to dip into their savings accounts because of COVID-19. On that note, 55% of respondents often feel “overwhelmed” by just how much the coronavirus has changed their financial footing.
Even small expenses, such as repairing a broken home appliance, are simply not possible at the moment. A significant proportion of respondents (35%) have learned to live without a broken apartment because they simply have not been able to repair it. Meanwhile, 68% have tried to repair the device themselves (if a partner asked to repair it). Others (33%) have used some of their savings to solve such problems when they could not repair the item themselves.
However, another 37% say they would not even have enough savings to repair appliances if they break down.
A few other common ways in which Americans save money through this pandemic are: turn off lights when they are not needed (62%); turn off appliances when not in use (46%); close windows / doors when the heat is on (42%); open windows instead of using AC (36%); and use of blinds to adjust room temperature (33%).
The survey was conducted by OnePoll.
