How to Save Money During the Pandemic - Slimmer Payments

How to Save Money During the Pandemic

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The Covid-19 pandemic has wreaked havoc on the personal finances of many Americans. If you are one of the millions who now find themselves barely hanging on thanks to job loss or reduced income due to the coronavirus crisis, here are three great tips on how to save during the pandemic.   

1. Try to lower your mortgage payments by refinancing

If you’re a homeowner with good credit, it pays to see what savings you can reap by refinancing your mortgage. If you’re able to refinance to a lower interest rate, your monthly payment could go down substantially. This will put more money in your pocket for other monthly expenses.

2. Consider debt consolidation to lower monthly payments

If you’re currently making several debt payments each month, such as juggling a few credit cards, plus a student loan, or other personal loan payment — then it could pay to consolidate that debt. Doing so will make it easier to manage your debt. It will also make it less expensive to pay off.

3. Try to bank “forced” savings

You may be earning less than you were pre-pandemic, but you also may not be spending as much as you used. If you are like me and are now working from home, you are saving money on gas or public transportation. Also, you are probably not spending money on lunch out, or your normal habit of dining at a restaurant once or twice a week, or visiting “happy hours” after work. Chances are, you’re being forced to cut back on some expenses whether you like it or not. So why not bank that extra money?

A lot of people are having a hard time financially right now. If you’re suddenly living paycheck to paycheck, do your best to break that cycle by implementing these tips on how to save during the pandemic. You’ll not only help your finances, but you will also give yourself some much-needed peace of mind at the same time.

What do you think of these tips? How are you making your money go further during the pandemic?

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