This article will lay out what we feel like the Top Ways to Save During a Pandemic. With recent layoffs and some of the highest unemployment statistics our country has ever faced, many people are struggling to put food on the table. In these uncertain times, it is hard to even plan for the immediate future. However, there are still ways you can save money and get ahead financially through this crisis. Discover now the top ways to save during a pandemic.
Get On The Phone With Your Insurance Companies And Cell Phone Providers
Price shopping should be taken advantage of right now and your insurance and cell phone carriers should be the place to start. Whether you have life, health, or car insurance, you can request quotes from all to ensure you are receiving the best deal.
Right now, many car insurance carriers are already offering lowered premiums because everyone is driving less than usual. Check first to see if you have been offered this discount and if not, inquire about it sooner than later. Shop around and see what similar coverage will cost you from multiple companies to make the best choice.
If you also find yourself at home more often than not, you might be able to get away with jumping into a lowered data plan from your cell phone carrier. Compare the plan you currently have with plans that they offer or even search for a new carrier.
You are home anyway, right? Now is the time to skip takeout and ordering meals and save big by cooking at home. It is easy to keep adding to a tab or order appetizers to a meal when ordering out as your bill begins to skyrocket. Not to mention delivery fees, service fees, and tips. Now is the time to let go of that habit.
To really save big on groceries, you need to get a little more organized. This means creating a menu for the week that is simple and easy. It is also a time to consider slipping in some vegetarian meals to keep the cost of meat down. Many people opt for “Meatless Mondays” to incorporate this routine.
It is also important to not let anything go to waste. As things remain uncertain with the Covid-19 virus, one thing that is being reported is increasing grocery prices. The USDA states that prices are to be expected to increase. “In 2020, food-at-home prices are now expected to increase between 2.0 and 3.0 percent. Food-away-from-home prices are still expected to increase in a range between 1.5 and 2.5 percent in 2020.”
Cancel All Subscriptions You Do Not Need
It might be time to just cut the cord with many of your subscriptions. Consider letting go of some of your streaming services, meal box deliveries, or iCloud storage. Basically, you can scan through any of your recurring charges to determine what you really need at this moment and what you can scratch off the list.
Remember, this doesn’t have to be permanent. You can always jump back into a subscription should things ease off a little. Streaming services and other convenient subscriptions will be waiting for you, should you decide to return.
Many companies, especially financial institutions, are offering payment deferrals for loans. Would it be helpful if you skipped a month or two of car payments or credit card bills? This could be huge for the immediate need to save and pay other, more important bills. Research any loan you have right now to see if you can apply for a deferral of the current month’s payment.
Earn Extra Cash
Perhaps the fastest way to save money during the pandemic is to earn extra cash. Even with millions of jobs gone now, there are still companies hiring. Now would be a great time to pick up a part-time job delivering takeout, groceries, or packages. There are also virtual opportunities for teaching online and customer service positions. You can even donate plasma to earn extra cash. Again, this can be a temporary attempt to put some cash in savings during the pandemic.
Even during a global crisis like Covid-19, you can still find ways to save and not completely drown financially. Now is the time to truly decide what is necessary for your budget and what can get cut. Perhaps you can pick up a part-time job, even if it is just temporary.
General Manager at 1 Stop Title Loans and Motor Vehicle Services. With over 8 years at a management level in the financial industry and 3 years in the 3rd Party MVD industry, I have learned many helpful insights I'd like to share.