The CO-VID pandemic has changed the world and economy in many ways, one of them being the way consumers have shifted their mentality towards money. Americans have been embracing frugality and saving money in a time where many things that we would typically spend money on are temporarily closed or limited in business. Personal savings have jumped significantly as incomes have become stagnant and savings seems to be the best way to survive this pandemic. As the population continues to be cautious of money and spending habits during this pandemic, here are a few ways you can save money during this economic crisis.
Check on credit cards
Pre corona, hotel and travel rewards programs were extremely beneficial but now that you’re stuck on ground for a bit, it would be a great time to redeem those rewards and may even be able to negotiate credit card interest rates.
Save on food and keep grocery shopping simple
Even though most restaurants and bars are limited in their customer capacity, food still takes a large chunk out of your income if you are constantly ordering delivery. Try planning out your groceries for the week and keep the recipes simple with minimal sauces and unique ingredients. By cooking at home, you are saving money and learning new cooking skills with your extra time.
Sell & declutter
With all the time spent in your house, now is a great time to deep clean your house and sell unwanted items. Online stores like Etsy, Ebay, or retailers like Buffalo Exchange are great ways to make a few extra bucks from things you don’t want or need laying around.
Whether it be multiple gyms, beauty boxes, or your myriad of Netflix, Hulu, YouTube, and Amazon movies saved in a queue, an easy way to save on money is to cancel your monthly subscriptions. Though they may seem small, multiple subscriptions add up in a big way. If you can’t part with all of them, figure out the ones you need most and downgrade or cancel others. You could opt for one video streaming service and cancel your gym membership in lieu of free online home workouts.
Take advantage of honing in on your finances and readjust your allocation of spending. Maybe in regular times you have a 70-15-15 for essentials-saving-extras, but during the pandemic you’ll want to shift to saving more and spending less on extras, more of a 65-30-5 ratio.
While we don’t know the outcome or end of this pandemic, learning new ways to save money and invest are important tactics to apply now and in the future. The sooner you make these changes, the sooner your bank account will be on the saving sailboat.