Whether you need to cut spending during this time due to loss of income, are dealing with uncertainties about your future or need to save for upcoming expenses, here are 6 ways to save during the coronavirus pandemic.
  1. Create a budget. A budget is vital to ensuring you use your money appropriately. It is not meant to be restrictive and can actually provide you financial freedom. Instead of feeling guilty for splurging on an afternoon pick-me-up coffee, when you’ve already budgeted for occasional coffee runs you can replace the guilt with enjoyment. A much better life, right? We want everyone to find financial freedom. Check out a few of our budgeting tips such as How to Budget Your Money: Budgeting Tips & Tricks That Actually Work, How to Budget Your Money Using the 50/20/30 Rule and much more on our blog
  2. Try a momentary spending freeze. Sometimes we get caught up in a spending routine and the only way to break that is by doing a spending freeze. It is also a great way to quickly add cash to your budget. All you need to do is pick anywhere from one day to a few months, attempting to not spend any money on unnecessary items. That means you are still able to spend your money for gas, groceries and bills, but not for shopping or eating out.
  3. Unsubscribe from tempting marketing emails. We all get emails from our favorite companies promoting new products and sales. Usually, when we are busy at work or with other activities in our day to day lives, we are able to easily brush past those emails. However, since the majority of the population are working from home, we have more time to view these promotions, increasing our temptation to purchase things we don’t need. Here are some ways to avoid these emails:
    • Unsubscribe. Let’s be honest, we tend to subscribe to emails in order to get a discount on our first purchase but forget to unsubscribe later. Make sure you unsubscribe in order to not receive any more promotional material that could cause you to spend more.
    • Filter. If these companies are important to you, then add a filter to your email where you have to manually check for these promotions instead of having them directly in your feed. Chances are, you are less likely to check those emails on a day to day basis which can help decrease your overall spending.
  4. Sleep on your purchases. We have all felt the overwhelming feeling of “I need this now, even though I never even knew it existed until a second ago”. That feeling can drive us to splurge one something we may never end up using. Instead of purchasing right away, add the item you’re wanting to your wish list and think about how much you actually need it. You may find yourself still thinking about it days later or you may end up forgetting about it right away. This will help you make intentional spending decisions and not give into something that will not actually add value to your life.
  5. Use grocery pickup. Speaking of temptation, the grocery store is filled with them. We are all guilty of going to the store and getting distracted by all the yummy food, just to walk out without getting the items you needed in the first place.  To help avoid spontaneous purchases, try using your grocery stores online shop, sticking to only what is on your list.
  6. Swap an expensive habit for a less costly one. Do you find yourself ordering in pizza when you are crunched for time? Why not stock up on some frozen pizzas to save some money and avoid the delivery fee and tip. Maybe you enjoy plant life around your home. Instead of buying flowers that last less than a week, try a low maintenance house plant. These are just a few ways you can find inexpensive swaps for some of your wants or needs.
We are all facing uncertain times and know that you may need more help than cutting a few things on your budget. We hope you find these 6 tips helpful for cutting back on your expenses during this time.
Visit our Financial Knowledge Blog to learn more tips on setting up a solid financial future or join us for Financial Wellness Wednesdays.