The latest corona pandemic has taken the world by storm and, as a result, many businesses have had to close their doors on a temporary or permanent basis. This has left many people out of work and living on limited incomes.
However, those who are good at finding the silver lining will realize that this leaves people with tons of time on their hands, time they can devote to figuring out ways to save money. If you are looking for ways to make the most of the income you have, here are a few recommendations.
Contact Your Phone and Insurance Providers
In these difficult times, many insurance and phone providers and doing what they can to help their customers by offering discounts and cutting premiums. If your insurance provider hasn’t offered you discounted rates, you can call them up and explain to them that you’re on a limited income and driving less. Find out if this qualifies you for a reduced auto policy.
While you’re on the phone, you can also inquire about reductions on home insurance, life insurance or whatever other policies you have with the company.
If your company is not able to offer you discounted rates, you may want to find another provider.
A similar rule applies with cell phone companies. If you are at home, it’s likely you are not using as much data. Ask your phone company if they can offer you discounted rates to make up for your reduced data usage.
Cut Back on Food Expenses
There are several ways to keep food expenses under control. One way is by limiting take out and trying to eat at home more often.
When you do go to the grocery store, keep spending under control by making a grocery list before you go shopping. Then do your best to stick to it and avoid impulse buying.
Buying spices can also drive up grocery bills. Limit spending on spices by making simpler meals. You can also buy inexpensive and versatile flavor enhancers like salt, soy sauce and olive oil.
Cancel Unnecessary Subscriptions
With all the online ongoing services and subscriptions, it’s likely you’re paying for a lot of things you don’t need. Streaming services, meal subscription boxes, iCloud storage, Netflix and Amazon prime are just some examples of monthly expenses you may not need or use.
Go through your bank or credit card account to see what you are being billed for and determine what’s truly necessary. Do away with whatever is just draining your bank account.
With the lockdown in place, online shopping is bigger than ever. One nice thing about online shopping is that it makes it really easy to shop around for the best deals. In fact, there are several websites and search engines that will comparison shop for you.
You can also use a price history tool to find out if the current price is lower or higher than usual.
Be sure to use these tools before making a decision to purchase.
Additionally, if you end up buying any items that don’t work out, take the time to return them. This is a great way to hold on to your money.
Claim Government Benefits
The government has been pretty helpful when it comes to providing people with financial benefits during these difficult times. There has been plenty of stimulus money going around, but you may be entitled to even more benefits. Check out the government’s benefit finder to find out about additional benefits you may be eligible for.
You can also look into reductions your utilities companies may be offering.
There are also programs that help parents of children that normally receive free meals as well as older students who are having trouble affording food.
Making Money During the Coronavirus
With all the time you have on your hand, it’s also a good idea to think about ways you can make money to boost your income. While brick and mortar businesses are closed, online business is booming so now is the perfect time to turn to online resources to bring in extra income. Here are some ideas.
- If you are crafty, now is a great time to open a store on Etsy where you can sell your goods.
- If you are good at writing, or have a skill you can teach to others, you can start your own blog. There are plenty of ways to monetize a blog to make money including selling advertising space and affiliate marketing.
- If you have a dynamic personality, you can start your own YouTube channel. You can use your channel to teach others a skill or just share a common interest. Once you develop a following, there are plenty of ways for you to monetize your channel.
- While staying at home, you’re probably spending a lot of time cleaning out your closets. One man’s trash is another man’s treasure and it’s likely you have items you can sell online through eBay. Be sure to let buyers know items will be sanitized before they are sent out.
The pandemic has put many of us in a difficult financial situation, but you can use the time you have to figure out creative ways to save. Which of these do you think will work for you?