Times are looking bleak for many; Some are out of work, companies are struggling to stay afloat and the economy has been hit hard (All due to the spread of the Coronavirus that has infected masses of people and proven fatal for others). A recession (greater than the “Great Depression”) is projected for the near future, but it’s during these tough times that we must band together to prove our strength as a society of caring human beings. One of the most effective things that can be done is to help each other out in any way possible. With that being said, here are 5 tips that can help you cut back on spending, and will hopefully save you money during these tough times:
The obvious one: Frivolous Spending.
Now’s not the time to shop for things you don’t need. Although it’s tempting to browse Amazon while being home all day on the computer; shopping for some cute clothes, picking out an expensive video game you want to play, etc. You may want to reconsider keeping some padding on your bank account. (Let’s face it, no one knows exactly when this thing will blow over and who knows how supply & demand will hold-up- so rationing your funds would be a wise decision.)
If you have to buy, shop the sales.
Although you only want the best for yourself, and your family, now may not be the time to be picky. Sure, perhaps you’d normally buy “organic” this, or name brand” that, but since food supply is somewhat questionable (not saying that now’s the time to panic, but better safe than sorry) it’s best to stock up on whatever you can while trying to save money.
Being mindful of running the water for too long, leaving lights on when you don’t need to, and blasting the heat or A/C is a good way to reduce your utility bills and also conserve energy. Remember cable boxes use more energy than a running refrigerator, and they’re in a close second to running the air conditioning; So using a streaming device as opposed to cable boxes can also help you cut back on energy costs. (Click here for more info.)
Reevaluate your budget.
Now maybe a good time to go over your monthly expenditures and see what you use and what you don’t use. If it’s been 6 months since you’ve gone to the gym, and you’re still paying the monthly membership fees, you may want to consider canceling it. If there are areas where you feel you’d like to experiment on cutting-back, it may be worth a shot.
Also, because interest rates are at all-time lows, if you own a home, now may be a good time to consider refinancing your mortgage for a better rate or consolidating your high-interest credit cards and car payments into one total payment. The goal is to save money on your total monthly expenses which add some cushion to your savings.
Cook at home.
It’s great to support local businesses; however, you may want to be mindful about dining-out too often. These expenses can add up rather quickly, plus, you’d be surprised to see how much money you’ll save preparing a meal at home.
We know times are scary, but our Get A Rate team is here to help! If you’re interested in saving money by refinancing, or you have other mortgage needs, reach out to us at any time here.
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