How to Save Money During the COVID-19 Crisis

COVID-19 poses a major risk to the health of thousands of Americans, so it’s understandable that a lot of people want to focus on that aspect of the crisis. There are excellent COVID-19 health tips that you can utilize during the pandemic so you and your loved ones stay safe. While the health effects may be more immediate, there is another issue that many people are equally or even more concerned with.

Countless workers are being either temporarily or permanently laid off as their employers are forced to close their doors and quarantine. Some people are dealing with reduced hours or nor hours at all. If the virus has yet to affect your economic standing, it could potentially down the road. Many people are searching for ways to make this time somewhat more financially feasible.

1. Switch To Cash

This may be more doable in some areas than others. In some areas undergoing a total lockdown, it may be easier and safer for you to order from a grocery store, for example, rather than visiting it in person.

However, if you’re still able and willing to visit your grocery store or other stores in person, you should consider using cash rather than your credit or debit card. Cash must be withdrawn before you use it, and that in itself helps you save money. When you only have a certain amount of cash to spend, you most likely won’t go over that cash for a whimsical purchase.

When you’re shopping with cash, you’ll be more likely to use what you really need, and ultimately you’ll be less likely to overspend in the long term. You’ll also be much more aware of your typical spending habits, and will be better able to cut out excessive spending habits.

2. Switch to Streaming Services

It can be hard to distance yourself from others socially, but you need to. Typically, cold symptoms will last from 48 hours to 14 days, but COVID-19 symptoms may not show up for two weeks. Because of this, it’s important to stay home and socially distance yourself from others to flatten the curve and prevent the virus from spreading.

To help save money on TV services during this stressful time, consider avoiding bundles. A lot of companies offer bundles, which are pitched as a way to save money. But bundles can actually leave you paying for services you don’t use. Rather than spending a lot of money on some kind of bundle, you may want to consider one or more streaming services.

Streaming services are much easier to subscribe to, don’t require complicated boxes, and can easily cater to your specific interests. Classic streaming services like Netflix now offer people the ability to play shows from their phones and tablets. This makes watching television much more accessible, and different streaming services offer different advantages.

3. Change The Way You Eat

Before the COVID-19 crisis, it was estimated that 34% of Americans ate out at restaurants each week. During the crisis, you can still have meals delivered from restaurants to your home. But using your own groceries can help you save money. If you’re unable to go out to grocery stores, consider having your groceries delivered.

Right now, the American e-commerce revenue is around $423.3 billion. It’s only going to climb higher over time as people take advantage of delivery apps. It may not be the way you’re used to buying your groceries, but it will certainly help for the time being. For that matter, you may end up spending less because you’re ideally ordering what you need, versus impulse buying food that you don’t need.

Now is the time to save money. The more prepared we all are, the easier it will be to weather this crisis.

Speak Your Mind

*