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How to Save Money During the Pandemic

Published: July 8, 2020
 

COVID-19 has reminded us all of the importance of having a nest egg when a crisis arises. But did you know that right now, during the pandemic, Americans are saving more money? Can you join them? Here are some tips on how you can save money during the pandemic:

Don’t Blow Your Stimulus Check

If you’re one of the millions of Americans who received a $1,200 stimulus check, congratulations! But that’s money you didn’t expect. If you don’t need it to pay bills, save it. Give yourself permission to take a small percentage of it to do or buy something fun. Ten percent is $120. Or round it off and take $200 for yourself and put $1,000 in savings. Don’t already have a savings account? Now’s the time to start one!

Pile Up Your Pandemic Savings

During quarantine, you may have saved a few dollars on gas, coffee, fast food, and other typical purchases. Add the money you would have spent to your savings. Even better, now that you’ve developed some good savings habits, continue the trend. Why spend $5 on that single serving of designer coffee when you can brew a whole pot at home? When you get back to school or work, bring your own lunch. It’s cheaper and healthier for you. But remember, think about those savings every day and set them aside. You can even label a jar as savings and put the money in the bank when it’s full.

Cancel Subscriptions to Save Money

Is your gym still closed? Do you get magazines you never make time to read—even with time off? Have you notice there are streaming services that you don’t really use? Take a stock of everything that you have a paid subscription for, and ask yourself if it’s essential. If you consider it important, keep it. But if you can do without, stop it and add the money to your growing fund.

Make Student Loan Payments

Right now, your federal student loans are in administrative forbearance, and they will remain in forbearance until the end of September. If you can afford to make those payments, do so. Because your federal loans are currently not accruing interest, any payments you make will pay down the principal. In the long run, this can help you pay off your loans more quickly.

Ask for Cheaper Rates on Your Loans and Services

Some auto insurance companies have given rate discounts during the pandemic. Same goes for internet providers which may offer student discounts. If you haven’t gotten one of these discounts, ask about them. Since you haven’t been driving as much, call your auto insurance company and ask if they will provide a cheaper rate. Do the same with your Internet and phone service providers. If they won’t offer a special rate or discount, shop around to see if another company will. The money you could save may be worth the switch.

Find Quick Ways to Make Money

It's not just about the money you save. After all, you do have to make money before you can save it. Find clever ways to make some additional cash during the pandemic. Run errands for neighbors who may not be able to go outside right now. Offer your services for yard work. You can earn a bit of money while also helping others. And with all your time indoors, take a look at basements and closets. Anything in there that you never use that others might? Sell items you no longer need or want on sites like Ebay, Amazon, or Mercari. One person’s trash is another’s treasure!

 

Sometimes the best investment you can make is in yourself. If you’re ready to continue your education, call Charter College today. We offer career training programs in Business, Health Care, Information Technology, and some Trades that can help prepare you for a new career. Call 888-200-9942 or fill out the form to learn more.