The ongoing Covid-19 pandemic has been creating financial hardships for millions of Americans. Here are four ways to reduce your expenses and start saving during the pandemic.
Food Spending
In the early days of the pandemic, when many families found themselves shuttered in and cut off from eating out at restaurants, they turned to delivery services as an easy and convenient way to keep themselves and their families fed.
However, the ease of ordering in food from GrubHub or DoorDash can quickly have those food bills mount up. The money you spend on food is one of the few household expenses you actually have complete control over. If you’re dining out or relying on food delivery a little too often, cut back. You would be surprised at the amount you can save. At the grocery store, take advantage of store brands, coupons, and BOGO sales. All can significantly reduce your food bills and give you more money to save during the pandemic.
Insurance Premiums
You have all heard the commercials, “are you paying too much for your car insurance?” Maybe you are, and for your homeowners and health insurance as well. Now is a great time to shop around and maybe lower your monthly insurance premiums.
Subscription Media Services
How many different “streaming services” do you have? Do you really need Netflix, Hulu, and Amazon (or more!)? Now is the time to cut back and consolidate your subscription services. Also, look at other subscriptions you have, whether that includes Audible, Spotify, Apple Music, or satellite radio for your car.
Mortgage Refinancing
Now may be a great time to consider refinancing your mortgage. If you have good credit, you may be able to save a lot by refinancing your mortgage. Rates are still running at historical lows, so chances are you can lower your percentage rate a point or two. This can make a very big difference over the course of your loan.
What measures are you taking to save more and spend less during the pandemic?
4 Comments