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Small Changes Still Add Up

Small Changes Still Add Up

Americans are spending less and stashing away more cash than ever, but healthy financial habits are still essential.

According to the U.S. Department of Commerce, people were saving about 7.5% of income before the COVID-19 pandemic and now are socking away 14%. People may be saving more because of fear of job loss or because they’re spending less on extras like a fancy cup of joe.

Our habits have a more significant impact on our savings goals than we think, and there’s nothing like a pandemic to cause us to build a bigger nest egg. Without basic money skills, it’s easy to make poor financial choices regardless of how much money you make. The key to lasting financial fitness lies in a foundation of healthy spending and saving habits.

While you may be confident that your new spending and saving habits are for the long term, there are a few things you may want to keep in mind to stay on track. With time and consistency, small changes still add up and can make a big impact on your financial future. 

Pre-COVID-19, did you know the average American spent $1,200 each year on coffee, and 41% of Americans spent more on coffee than they put into savings? This doesn’t mean you can’t still support the local economy and stop by once a week to see your favorite barista. Just remember, most of us have items in our monthly budget that seem small but add up. For example, running to the convenience store for your daily afternoon snack may not seem like much, but $3 a day can greatly impact your bank account over time. 


Monthly: $40

Annually: $500


Monthly: $100

Annually: $1,200

Time is a powerful multiplier. Making coffee at home or packing your lunch a few days a week can give your savings accounts a big boost when invested right. You’ve seen how tiny changes make a difference in contributing to your savings goals! 

Let the Nextep retirement team partner with you to help make your retirement savings goals a reality. Visit the retirement section in your Nextep account to log in and ensure you’re on track to a stress-free retirement, or reach out to us at

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