The Covid-19 pandemic is forcing retail stores and restaurants to go out of the market. Thousands of people are finding themselves out of their jobs. The ones that do have jobs are getting significant pay cuts.
If you are one of those who receive deducted paychecks, it is high time that you reevaluate your budget and starts looking for ways to save money—wondering how you can do that? Here are three strategies that you can follow.
1. Cancel unwanted subscriptions
Probably the easiest way to save some extra cash during this lockdown is to cancel some of the subscriptions you don’t need, such as iCloud storage, meal subscription boxes, and streaming services. These are recurring charges that get added to your credit card directly. You may not even realize when these subscriptions get renewed.
If you need to avail of these services or renew your subscription, search for coupon codes online. These will help to cut down the subscription charges significantly. Also, ask yourself whether you need multiple subscriptions for similar services. If not, keep one and unsubscribe from the rest. You don’t need to eliminate these expenses forever. Just unsubscribe until you have saved enough. This would help free up some cash during this time.
2. Cut down cell phone plans and insurance premiums
It is always wise to shop around before buying insurance. Send an email or pick up your phone and call your insurance company. Many auto insurance companies are already providing discounts on premiums for car insurance. If you didn’t get a discount already, don’t hesitate to call your insurance provider. Tell him that you are not driving as much as before and if a cheaper policy is available.
Besides insurance policies, you can also cut down on your mobile phone bills. Compare multiple plans and see which one suits your needs right now. Since you are at home, do you still need a program that offers plenty of data? If not, spend on cheaper data plans to save some extra bucks.
3. Don’t order takeouts
Apart from transportation and housing, food is another area where you spend the most every month. This includes going to restaurants and ordering takeouts. But most of the restaurants are closed right now. And only a handful is providing takeouts. The delivery charges and tips add significantly to the overall cost of the food. Plus, takeouts cost more than the food you make at home.
Get into the habit of cooking alone. It is not only healthy but also saves a lot of money. Ordering takeouts is okay once in a while, but don’t make it a practice.
These ideas help you survive on a “less is more” concept. They don’t tell you to go out of your way to save money. Instead, they are geared toward making adjustments according to the current economic conditions to help you see some extra cash in your bank account. Follow them for a month to see how much you save.