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How To Save Money During The Pandemic

Coronavirus has changed the world as we know it. Several non-essential businesses were closed down to help reduce the spread of coronavirus. With over two hundred thousand deaths in the U.S. alone as of late September, many countries have not been able to contain the virus.

Many day jobs were lost due to low/no patronage since the onset of the pandemic. As of April, U.S.News reports that there are over 16 million unemployment claims in the U.S. With than a million new people filing for unemployment every week.

Never in our lifetime has a health crisis that had such an impact on people’s finances. With dwindling income and growing unemployment, this is the time to take control of your spending. The first step is to check out this website before your upcoming spends.

This article will help you with money-saving tips, how to use coupon codes, and other methods of saving money during this pandemic.

Cut Down on Takeout Consumption

According to a Zagat Survey, it costs an average of $36.40 for one person to eat a meal at a restaurant. Before the pandemic, the survey pointed out that Americans dined out 5.9 times on average every week.

Consuming food prepared at home can help you save up to $182 every week. Since we all have extra time on our hands, engage in preparing your meal by yourself. The benefit of preparing your meal is that you get to save money and improve your culinary skills.

Use Price Comparison Sites To Get The Best Deals

There are websites where you can compare prices online. Some people use this website to find the best car insurance deals and energy bill rates. According to Andy Webb, a money blogger, there are more ways of using this price search engines.

With so many websites for tracking and comparing the price of goods at different stores. There are of those which even offer you a review to help you make the best decision. These sites will help you save money while you spend, no matter the product you want to buy.

Another useful feature of price comparison sites is that it shows you a product’s price history. With this tool you’ll know if there has been an unusual increase or decrease from the current price.

Be Smart While Stocking Up On Groceries

Ensure your shopping for groceries is centered around non-perishable foods that won’t get spoilt quickly. Foods like rice, beans, and pasta have a long shelf life, ensuring you do not waste money.

If you need to add fresh foods into your cart, make sure that they are foods that can be refrigerated, for example, bread and shredded cheese. Also, add long-lasting vegetables like onions and carrots to your list.

It would be best to look at what you already have at home before you head to the grocery store. This will help you know which products to stock up on and which ones to leave out.

Foods that are close to the end of their shelf life often come at a heavily discounted price. Spend on these products, as they can help you with saving money. You only have to ensure that you use the food immediately, to prevent wastage.

Cancel Subscriptions That Are Not Necessary

What is the point of Netflix, Amazon Prime, and YouTube Premium subscription when you only use one the most? End subscription for the two platforms you do not use too often. Also, comb through your credit card bill and cancel those dormant subscriptions.

For example, you might have a running subscription with your travel agency or airline company. The pandemic means you won’t be traveling around too often, so what is the need to keep the subscription running?

Canceling these subscriptions does not have to be permanent; instead, it helps you free up some necessary cash in the meantime.

Seek Refunds For Services You Can Not Use

Iona Bain says consumers can get a full cash refund for products or services they no longer use due to the pandemic. She urges consumers to know their rights and defend them.

Some regulators will take up unsuccessful complaints by consumers who want to recover their funds from their service provider. It is vital to communicate with the service provider using a polite and patient tone, but ensure you remain persistent.

A service you can get your cash refund for is your gym membership. Gyms were closed for most parts of the lockdown, until recently when they started reopening. If you had sought a refund for your yearly gym membership earlier, you would have saved a decent amount of money.

Start A Budget

A budget means tracking your money earned (income) and money spent (expenses) regularly. You can create a weekly, monthly account, depending on the one that works best for you.

Some applications can help you with starting a budget. Some even offer projections up to 30 years in the future. Such predictions will help you adjust your spending, providing a better way to save money.

Start and Save To Your Emergency Fund

Having an emergency fund helps you prepare for unexpected events like a terminal illness or a job loss. There are new-age financial institutions that make building and saving to an emergency fund easier.

These institutions offer excellent interest rates and do not charge you fees for keeping your money in your account like conventional banks.

Shop With Coupons

When you shop for necessities online, you may be rewarded with coupons. Here are some tips to save money by using coupons for online shopping during this pandemic.

Helps you purchase more items at a discounted price.

Coupons allow you to get more excellent value for your money by allowing you to buy more items. With coupons, you can stay within your budget, but get more for the equal amount you would have spent on another regular-priced item.

Helps you with purchasing necessities in bulk.

Having at least two weeks’ worth of supply is necessary during this pandemic. Coupons allow you to buy food in bulk and keep them in the larder.

Trying out new products and services.

If you are scared of wasting money on a new product, you can wait till there are coupons on the product. This will ensure you do not end up regretting spending your hard-earned money on a product that doesn’t match your expectation.

You can get coupons from newspapers, mobile apps of retail stores, and following social media brands.

Bottom Line

With the uncertainty surrounding the invention of a safe vaccine for Covid-19, ensuring you do not get infected is very important. This is the best time for you to control your finances and guarantee yourself peace of mind by saving money.

About the Author

Helen Miller

Helen Miller is a freelance writer at CouponKirin. She covers personal finance topics in a syndicated column that appears in Financial Planning Magazine. Her work has been featured by Market Watch, Digital Journal, Chicago Tribune, USA Today, and Yahoo Finance. Helen has a bachelor’s degree in finance from the University of California, Los Angeles.