Many Americans are trying to figure out how to save money during COVID, searching for money saving tips wherever they can find them as the economy declines further. This time at home during the pandemic may provide a perfect opportunity to save some money.
With so many Americans losing their jobs, or having hours taken away, it’s important to focus on saving money. Even if your job is safe now, your financial situation could change quickly due to unemployment or unexpected medical bills, should you contract the virus. Being prepared with a healthy savings account is the best way to stay ahead of financial troubles during COVID.
If your income decreased due to COVID-19, saving money might be a little more difficult but not impossible. It is actually more important now that you have a savings account to cover any unexpected expenses that may arise due to the pandemic.
Money Saving Tips
If you can manage to save money during COVID, it may help give you a sense of security during a strange time filled with unknowns. If you become sick with COVID-19, you could be responsible for unexpected medical bills. Try to ensure you have enough in your savings account to cover your usual bills as well as any unexpected expenses that may arise due to the pandemic. Here are some practical suggestions on how to save money:
- Create a Budget - A smart way to manage your COVID-19 money and maximize savings is a practice that will serve you well whether there is a pandemic or not - set a budget that includes a savings account!
- Reduce Bills -Life is different under safer-at-home orders and you may be able to reduce your budget in certain areas such as lessons or self-care. Take a look at your weekly and monthly habits to see if you can cut back or cut out some of your bills that you don’t need while under quarantine. Start with the activities that can be done yourself at home, like trips to the nail salon.
- Cancel Subscriptions - Look at subscriptions you haven’t been using during COVID. Are you paying for any publications you are no longer using due to changes in your work?
- Cancel Memberships - Have you been taking walks around your neighborhood instead of going to the gym to work out? Cancel your membership or see if you can pause until you feel comfortable going back.
- Review Car Insurance – If you are no longer commuting to the office because you are working from home, see if your insurance company will reduce your rate based on a lower mileage and less driving.
- Plan Meals - Planning out your meals is not only efficient when it comes time to cook dinner but also while you are in the grocery store. Write down all your meals as well as all of the ingredients you need for each of those meals. There you have your shopping list.
- Take Inventory - You should also take inventory of what you already have in the pantry or freezer to save even more money during COVID. You won’t be letting food go to waste and you will know what not to stock up on, saving even more money!
- Consider Grocery Delivery - Ordering groceries online may seem like an extravagance, but it can actually lower your food bill with proper planning. Since you have to specifically type in what you need, ordering groceries during COVID could help avoid impulse purchases you may otherwise make when visiting the store.
- Utilize Stimulus Payments – If you are one of the many Americans who receive a stimulus payment from the government, be prudent with how you use it. A couple of good uses could be paying down debt or establishing an emergency fund, but whatever you do, use your stimulus payment wisely.
Try some of these money saving tips and if you can weather the pandemic without using your savings, you can use the extra money to do things you’ve always wanted to do but couldn’t afford before the pandemic.
However, if you find yourself struggling with credit card debt during the COVID-19 Pandemic, we can work with your creditors to help you get out of debt and back to saving! Get started conquering your debt by consulting with a Certified Debt Specialist at 866-481-1597 or by getting a free savings estimate online.