How to Save Money Quickly During COVID-19
- Author: Michael Bordonada
- Posted: 2024-10-28
If you are like many Americans, you have either had your income severely cut or even lost your job due to the economic crisis caused by coronavirus. You may be looking to find ways to make a quick cut in your expenses so that you can either make your savings or whatever money you have coming in right now stretch further. The good news is that there are some quick money saving tips to help you at least weather the storm. Here are some quick ways to slash your expenses in the present.
Cut the Cord
When there is not much live television or even sports right now, there are really only a few channels that you watch. Paying for cable for the foreseeable future is not an effective use of your money because you are giving the cable company money for channels you are not watching and do not need. Streaming services are beginning to take over broadcast media and can provide you with more than enough entertainment. You can get the news that you need online and can even purchase a channel or two unbundled. Getting rid of your cable right now can literally save you hundreds of dollars a month.
Get a Debt Consolidation Loan
One of your major expenses may be the interest on multiple credit cards you are carrying. These rates can even exceed 20 percent, costing you hundreds of dollars a month in interest. You can at least cut the amount of interest that you pay when you consolidate these credit cards and take out a debt consolidation loan. This will give you one check to write every month as opposed to multiple. It can also cut your interest rate. Even if you only end up saving $50-100 per month with this loan, it is still money that you can use towards your monthly budget right now.
Shop for a Balance Transfer
In a similar vein, you can find other ways around some of the interest on your debt that you pay every month. Even if the economic crisis is making borrowers more of a risk, credit card companies still want your business. They are willing to offer teaser rates to get you to move your credit card balances to them. Some of these rates are as low as zero. Even if these rates eventually go up, having a lengthy period of having to pay no interest is enough to save you some money during this challenging time. You can reassess later on when your economic circumstances have hopefully changed for the better.
Cook Yourself Instead of Takeout
You never quite really know how much your daily lunch out adds up to be until you actually stop doing it. One great way to save money right now is by cooking on your own. This meal can cost a fraction of what takeout would set you back. You can save even more when you can a couple of large meals at the beginning of the week and either freeze or refrigerate it. Eating continuous takeout can cost hundreds of dollars each month and cause more than quadruple your food costs. When it comes to meal preparation, you can get a lot of food out of a simple meal that costs a little and still be satisfied.
Change Cell Phone Service
Some of the bells and whistles that you have added to your cell phone service are unnecessary right now. When you are home and can use your WiFi, you may not need as much data as you are paying for with your monthly bill. You may also be paying for added features that you simply do not need. Now may also be the time to switch to a lower-cost cell phone service. You may not require the most expensive cell phone out there so you may be able to switch to a cheaper service that does not help you buy the latest and greatest cell phone. This may be a way to save you at least $20 or more per month. You can always switch back later on when you have not signed a contract.
While you may still struggle like everyone else during this challenging time, by going individually through your expenses, you may find some areas where you can cut. Even saving a few dollars here and there can help get you through this.
