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Tips On How to Save Money
During the Pandemic

To say that we’re living in challenging times is simply an understatement. 

Around the world, millions have fallen ill, millions of lives have perished, and millions of jobs and businesses have been lost — all because of the Covid-19 pandemic. This global health crisis has caused massive health and financial troubles for people in different countries, especially in the United States. In fact, according to a Pew Research Center survey, one in four Americans have had trouble being on top of bills and one in six have already borrowed money and have gotten food from a food bank. 

While Americans await a new stimulus check to help make ends meet, it’s a good idea to maximize one’s savings during the global Covid-19 crisis. 

Here are a few simple tips on how to save money during the pandemic:

1. Cook more

Cook your meals at home more often. Not only will you save money (since raw ingredients are generally cheaper than cooked meals from restaurants), cooking has many positive emotional effects that can help you better cope with anxiety and stress during the quarantine. Who knows, you might even discover a passion for cooking!

Cook your meals at home more often.

2. Plan smart, buy smart

When you’re venturing into cooking at home more often, it’s a good idea to plan out your meals for the week so you can check your pantry for things that you already have and ones that you’d need to buy. Make a shopping list and don’t shop on an empty stomach. This will help you stick to your list. Bonus tip on buying smart: try cooking with frozen vegetables and fruits and buy ingredients that last long such as rice and beans in bulk.

3. Cancel unused subscriptions and memberships

Go through your credit card statements and check subscriptions and memberships that you can cancel. Remember: You can always have them reinstated when things get better and become more stable. Check out magazine subscriptions, gym memberships, and other services that aren’t essential for the time being.

4. Talk to your provider about your bills and policies

Call your cable, mobile, and auto insurance providers to try and negotiate your bills, especially if your finances have been impacted by the pandemic. Check if you can get refunds for unused services or if you can get realignment on your coverages to save money. 

5. Put a cap on online spending

A simple but effective tip is to limit your online spending. A good way to buying less from online stores is to remove your credit card information from your favorite retailers to help keep you from buying things with one click. A good tip is to also unsubscribe from newsletters and mailing lists to keep you from wanting to buy more.

Limit your online spending.

6. Live simply

If you find the concept of minimalism attractive, now is the best time to declutter and make some money. Sell furniture and other household items that you don’t really need online (which will allow you to sell while following physical distancing protocols).

 

Getting on top of your finances during difficult times can be challenging, but there are many wonderful benefits associated with better financial management including financial stability, security, and improved overall wellbeing. 

 

We hope that these simple and helpful tips can help you maximize your finances during the global pandemic.

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