The effects of COVID-19 continue to take a toll on many Americans. With massive job losses and business shutdowns, most people are struggling to make ends meet. But if you're a low-income earner, it is twice as bad. Saving money is especially difficult right now, but there are some things you can do.
Financial experts caution that unless those struggling financially find creative ways to free up some money, they may end up in a more difficult financial situation after the pandemic.
This begs the question: how can you free up some extra cash when you think you have done your best during these challenging times? In this blog post, we share six practical tips that will make saving money easier.
Befriend Technology When Shopping
The number of people shopping online has increased tremendously in recent months due to COVID-19. Although there are other ways to save money online, most people tend to ignore or underestimate the importance of price comparisons.
If you've never used price comparison websites, do so in your next shopping. You will be surprised by how easy it is to track and compare thousands of shops and find the most affordable deals. Also, you can compare virtually everything from TV, insurance, energy bills to trainers.
Ask For Refunds For Unused Services
With social distancing, some subscription services are inactive right now. For example, most people don't go to the gym, restaurants, and other services.
If you have some of these subscriptions, you may want to ask for refunds. Most facilities offer refunds to consumers who no longer use their products and services due to lockdown.
While at it, be polite and persistent. Don't rush to cancel payments without studying its consequences because you might do more harm than good.
Don't Buy If You Can Create
This is a great tip when it comes to saving money right now. Essential items such as hand sanitizers are in short supply due to panic-buying. And the few that are available might be costly. However, if you're curious you can learn to make your own at home.
With so many tutorials online on how to make certain items, you can save tens to hundreds of dollars by producing them at home. Similarly, develop a habit of reusing certain items. For instance, you can use old sponges to clean bathroom surfaces.
Maintain Your Car
Owning a car can be expensive. And a significant part of that cost is maintenance. If you can, teach yourself some basic maintenance.
For instance, changing indicator lights, oil, air filter, and windshield wipers are straightforward tasks. With so many tutorials on YouTube, you can easily learn these skills and save money.
Plan Your Grocery Store Visits
With a little planning, one of the easiest places to practice saving money is in the grocery store. Chances are you're spending more time at home and on the internet. So rather than watching the news all the time, look for coupons to save money on a few items you need.
And when shopping, don't restrict yourself to big brands. They tend to be expensive when there are so many affordable alternatives. For example, if you choose to buy store brands, you won't compromise on quality since they're made by approved producers.
Minimize Non-Essential Spending
Staying at home for many hours can tempt you to spend the little savings you have left. There are so many adverts online with attractive deals. But just because a deal is good doesn't mean you have to buy.
Before spending money ask yourself whether you need it now. If the answer is no, don't buy it. You can save that money to use it on essential needs.
During these uncertain times, it pays to find free up some extra cash to save. We hope these tips will help you and your loved ones to learn to save money during and after the pandemic. Good luck and stay safe!