Coronavirus has severely shaken the economic foundation of every country. Most employers have had to scale back on the amount of money they are paying to their employees. In such a situation it is important that everyone begins early to save some amount of money as you must have already realized, this is going to be around for a while.
If you want to enjoy things like valorant boosting, you need to cut a little bit everywhere else. Otherwise, you might run into trouble later. Your sanity is, after all, going to be attached to the little joys of life as you isolate yourself.
So, what can you do to manage finances during these hard times?
Cut Costs On Food
Most restaurants and bars are closed for the near future but there are still places that offer takeout and delivery. There are also on-demand delivery platforms that routinely waiver the delivery fees as well as offer coupons to customers. If you want to indulge in some food once or twice a week, it’s fine. But if you are looking to seriously save then take out those pots and pans to cook for yourself. It is infinitely cheaper to cook at home than order from outside.
Additionally, if you order from outside, try and order from local eateries as they are most in need of funds at this time. Support local farmers when you are picking up produce and veggies for yourself.
Move To Free Fitness
Cancel the subscription of gyms and fitness centers that you have accumulated. They are as it is closed and you are in the process of counting pennies. So, this is a win-win situation. Instead of a subscription, try out one of the infinite free exercise options available online in the form of apps and live streams. This will help you get your daily fitness fix and at the same time save money.
Call Your Creditors
If you are going to have a hard time paying your credit card balance, student loan debt, and/or utilities, call up your creditors. Ask for hardship concessions. This usually includes putting payments into forbearance(the last resort) or making interest-only payments.
Most banks are encouraging all customers facing hardship to call them up and see what can be worked out. Some unions are also providing assistance and all kinds of loan help. You can also see if you can sign up for a hardship plan that can make the interest rates lower. Utility providers are also providing assistance programs that can help you defer payments until a later date.
If student loans are a problem, consider forbearance as the interest is being waived for the entire duration of the crisis.
Utilize Television Free Trials
TV has always been a great outlet to escape from the ongoing pandemic. But it is also equally easy to overspend with all the subscription services all around. Almost all streaming services offer a month-long trial and the ones that don’t offer a month, offer a week at least. So, try and utilize these as much as possible. Now is also a good time to bring back the DVDs of the past. They have most probably been gathering dust somewhere. Plus, what is more, comforting than cuddling in a blanket along with a classic movie?
Lower That Auto Premium
Auto premiums are calculated on the basis of what the distance of your commute is. The longer the commute, the higher the premium as that puts you at a higher risk. But if there is a lockdown, you cannot go out. Which means you are also no longer commuting to work.
When you are not driving, there is no risk and so the cost to insure your car goes down. There is no reason for you to keep paying insurance for an event that is not occurring. So, either contact your insurance provider or check up on their website to see if you can make the adjustment. The amount you will end up saving depends on a variety of factors and once you go back to office you will have to switch back.
Stock Up In A Smarter Manner
A lot of people feel that hoarding supplies is a necessity. But that is certainly not the case. Don’t go overboard with buying or you might end up wasting the food that you buy. Set a budget and stick with it.
Buy affordable, shelf friendly foods that won’t go bad even if you leave them outside. If you are buying fresh then pick up things that freeze well.
We are in the middle of uncertain times, but if you cut corners here and there you will be able to effectively make it through. The good news is that these stressful times don’t last forever. The world will eventually return to normal as it always does after a disruption.
So, use this time to make a plan to find your footing. That way you will be better prepared for all future ups and downs.