Personal finances in these difficult times, see tips

At a seemingly glacial pace, Americans are shifting their attention from the health aspect of the COVID-19 crisis to their household finances. In doing so, many financial consumers don't like what they see. According to a recent study by Resonate, a data marketing company, 80% of respondents say they are most concerned about their personal finance at this time (5,000 Americans were surveyed by the company).

Additionally, Resonate reports that…

61% of consumers say their spending has decreased as a result of the COVID-19 situation.
34% of people are less likely to remodel or renovate their homes.
The 32% is less likely to buy a house.
24% are less likely to ask for a personal loan.
20% are less likely to leverage new financial services.
With so many US households taking a closer look at their spending habits during the pandemic, what steps might Americans take when they finally start to cut back?

Financial experts point to these budget tightening strategies, for now and for the long term:

Prioritize needs over wants. As you reflect on what expenses to cut, you are likely to see some household budget items for your personal finance, that you like but that you can do without.

Cuts of all categories. When cutting expenses, people's natural tendency is to focus on which category of expenses they can afford to cut.

Read More: 4 ways to organize your personal finances quickly

"The best approach, though, would be to cut all household expenses equally, so you don't feel the sting," said Freya Kuka, founder of the blog personal finance Collecting Cents. “In other words, don't cut an entire category from your budget because you're just going to inevitably end up underperforming. Find ways to cut expenses in each category.”

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Save money that you are not spending right now. Americans are home and not going anywhere yet, so it's easier to cut household expenses during lockdown.