COVID-19 has formed a financial mess all over the globe. Investments, income, and savings of many peoples are being disturbed. Like plans to get married, buy a home, or start small investments. That’s hard, for a lot of reasons. As the COVID-19 restrictions begin to ease, many financial experts suggest this is a good time to re-examine your household budget to see if you can save money now and move forward.
The COVID-19 has most of us locked at home, unsure when life will return to normal conditions. The pandemic has affected our daily schedules as well as our finances. The stock market is continuously dipping and I’m not sure how I’ll be able to co-work with my family in the same 1,100 square-foot apartment.
Eventually, there can be some positive things you can do with your money. Check out the list below which will help you to save money during the COVID-19 pandemic. All of us are shut off from venturing out to shops and restaurants, so we might as well save some dough. In this blog, we talk about how to cut expenses, negotiate with businesses you pay every month, and lower your debt payments.
Set-up a Smart Budget
If you haven’t started a smart budget by now, you should. Smart budgeting just means tracking your income and expenses daily. You can do this each month or budget by paycheck, just use a method that works well for your brain.
Use a spreadsheet if you like to do things manually, but there are budgeting apps that can do the work for you.
Review Utility Bills and Subscriptions
During COVID-19, money is going to be tight. Take the time now to log in and review all your subscriptions.
Do you really need Google Play Music, iTunes, and Netflix? Furthermore, click your iCloud and Google settings, and review anything you no longer need and turn off the option to automatically renew it. Ring around and compare what’s available. You might be surprised how much this activity will save you a year. You might be surprised at the hundreds of dollars per year you will save from this one exercise.
Plan your Meals
Planning a weekly menu and creating your meal plans in advance can help you budget more effectively. Besides having a better idea of how much you’ll spend, it can help prevent yourself from impulsively buying food – or having to order in because you don’t have anything to eat. Furthermore, try restricting your sudden trips to the store to just pop out and pick something up. Plan your shopping to cover 1 to 2 weeks by purchasing in bulk will also save you lots of money. Most importantly, limiting your trips to the store keeps you out of harm’s way and helps to enforce “social distancing.”
Use Digital Coupons
Many famous grocery stores offer digital coupons on their relevant apps. Just download their apps to take a look at the deals prior to hitting up the grocery store. You will be amazed to know how much you can save just by using digital coupons. ‘Why waste money when you can do many things at home?’
Hopefully, these ideas will not only let you save money but also help to keep you safe and happy. We’re here for you during these difficult times and are ready to help.
Lower Your Car Insurance
One of the factors used to calculate the cost of your car insurance is the number of miles you drive. As many of us are now working from our homes, this is the right time to lower your insurance payments by reporting a lower mileage. It really depends upon your insurance company which could result in some proper savings.
Contact your Credit Card Company to Defer Payments
There are credit card companies already have programs in place to help you defer payments. Don’t wait until you’re behind before taking action. Keep a check with your credit card company to see what options are available to you. There is a possibility that you might be able to lock the interest and reduce the payments to something which you can afford.
Take Advantage of Relief Programs
There are relief programs that many countries have implemented in response to the COVID-19 virus. If you owe money on a student loan, there are programs to help you defer your payments. Are you having a small business? You might be able to take a low interest or relief loan to keep your business going in the foreseeable future. Individuals can apply for unemployment benefits, with many states waiving the waiting period.
Rental Payments
Many people are having difficulty paying the rent; take action quickly don’t wait until the last moment. Reach out to your landlord and tell them the issues you’re having as a result of the coronavirus and ask for assistance. Many states have already introduced preventative measures to ensure landlords can’t evict tenants and allow for an extension on the rent that’s due.
