Saving During the Pandemic

It cannot be argued that a global pandemic has a large effect on the economy and personal finances. For some, these effects have led to layoffs and loss of income, whereas for others, their area of work is busier than ever.

Regardless of your situation, it is wise to take a good look at some areas where you could be saving a little cash. While each of these suggestions may not be much on their own, adding them all up could save you a nice chunk of change in the long run.

Dining out
It is important to support your local restaurants and small business but within reason. Where you might normally find yourself driving through the Starbucks line each morning, opt for brewing at home instead. If you spend $5 five days a week on coffee, imagine that $25 in your pocket instead. A hundred extra dollars, or so, per month could be a game-changer.

Change your filters
If you live anywhere near the South, your AC is working overtime. Don’t make it work harder than it has to. If you cannot remember the last time the AC filter was changed, it’s probably time to do so. Your electric bill will thank you.

Budgeting apps
We’ve talked about budgeting apps in the past, but now is a great time to dive in and stick to your budget. This will help you to evaluate just how much your impulse buys take a toll on your bank account over a month’s time.

Energy-efficient bulbs
They may cost more at checkout, but you’ll be glad to have made the switch to LED bulbs over the course of time. They last longer and also cut down on electricity costs. As your bulbs go out, consider adding LED to your shopping cart.

Consider refinancing
While it may not be in everyone’s best interest, speak with your financial planner about refinancing your mortgage. With rates so low, you could save hundreds of dollars per month and thousands in the long run.

Learn a new skill
It may not save you money, but learning a new skill or participating in professional development opportunities will make you a valuable asset to your company which could lead to promotions and raises long term.