How to Save During the Pandemic

These tough times have taken a toll on Americans in more ways than one. In fact, according to the U.S. Department of Labor, 22 million Americans have filed for unemployment assistance within the last four weeks. This is more than three times the number of applicants than last year, and these are just people who filed. Many more are jobless but just have not filed for unemployment assistance. This means that the number of affected Americans is higher. Even if you are not directly affected by unemployment, you may still feel the effects of the declining economy.That is why now is the best time to find out how you can save on costs so you and your family can save money during this time. There are many ways that you can cut costs, but this list goes over four that are especially helpful!

Cancel Subscriptions and Memberships You Aren’t Using

Think about the memberships or subscriptions that you do not use. The first one to likely come into your mind is a gym membership. Since a majority of gyms, if not all, are closed across the country, people cannot utilize these memberships. Some gyms have easy solutions where they automatically pause payments onto an account, while others are proving to be very difficult in having a solution. That being said, because people are advised to avoid gyms, you can save money by canceling any of those types of memberships. There are other types of subscription-based services that you may not need to use. Subscription boxes for clothing or makeup you can cancel because you are not going out anymore. You can opt to sign up for them again but in the meantime, you can save some money! Finally, another subscription/membership to be on the lookout for to cancel is any travel cards you may have! Some people have an automatic monthly bus or train pass, but you can cancel those since you should not be using the bus or train.

Lower Your Car Insurance Payment

You can easily lower your car insurance premium during this time! Your car insurance premium is calculated based on factors like how much you are driving, how at-risk you are for accidents, and more. Since you are not going to be out and about with your vehicle, you can call your insurance company to lower the estimated annual miles that you anticipate driving! Most policies do not have you locked in when you make that estimation. This means that you can estimate a lower number of miles but then change your mind and update whenever you please. However, it is important to verify the terms and conditions with your policy before making changes. Some companies like USAA are even offering customers a 20% payback credit worth of their premiums to make up for the fact that people are not driving as much.

Defer Your Payments

This may not be the first choice for everyone to save money, but it is extremely helpful. When you defer a payment, you are essentially holding off on your payments until you can start to repay them again. Not every financial institution offers this option on your financing plans, but it is worth asking. You also want to make sure that you understand the terms and conditions of deferment. Often times, even if you defer on financing, you are still responsible for the interest rate on the agreement as well as the additional deferment time. When you find out what your deferment options are, it is important to speak to your financial institution and to make sure that you fully understand exactly what you are going to expect. You can also call to see if there are any other options besides deferment that still offer that financial relief that you may be looking for.

Stop Ordering Out and Cook More

While it may be tempting to eat out every night for the sake of convenience, it is not the smartest for your wallet. You also may be scared to go to the grocery store, so opt to order takeout instead. However, you may forget the fact that people are touching your takeout food. You can only hope that the restaurant staff is taking proper precautions when it comes to ensuring that they are thoroughly cleaning themselves and wearing protective equipment. However, they may not be taking the proper precautions. Your best bet is to utilize your groceries because not only do they cost less, but you can get more bang for your buck. You can also make sure that you thoroughly clean your groceries like your juice bottles, soup cans, etc. You can be the one that makes sure that they are properly disinfected and feel more secure knowing that fact. If you are still too nervous or anxious to go out to the grocery store, then you should utilize services that deliver your groceries to your home. You can have contactless delivery and give the food items the cleaning that they require so that you do not run as high of a risk when it comes to handling your food. Once you start cooking more you will really see how much you will be able to save!

Overall

This is a very anxiety-inducing time for the country right now. All markets are taking a hit from this virus and many are struggling to make ends meet. What once was a thriving economy is now facing a recession. Due to these facts, it is important to make sure that you are taking the proper steps in order to try and keep yourself in the best position possible. Do not be afraid to reach out to your financial institutions to ask for guidance on what they think is best for your budget. You can also research more resources like this one online in order to improve your budget as well. However, with proper financial management, you can make sure you are in the best position possible, even though you are facing such a difficult situation.