3 Ways to Save Money During the Coronavirus Pandemic
We know what you might be thinking. How can anyone, let alone a business, save money in the middle of a pandemic?
Businesses are closing.
Multiple news sites have reported that more than 50 million Americans have been unemployed since the Coronavirus pandemic began in late March.
With funds low, families and businesses are struggling to stay afloat.
But there are still a few things you can do to help cut down costs and save money during the Coronavirus pandemic.
We’ve compiled three simple tips you can use to stretch your money for both your home and your business.
Get Rid of Unnecessary Expenses
Take a long hard look in your home and in your workplace.
Are there any expenses you can honestly say you don’t need?
Removing expenses you don’t need is one of the first steps you can take towards saving money. Consider asking yourself these questions to see where you may be able to save money at home and in the workplace:
- Do I have any monthly subscriptions for software, apps, entertainment, websites, and programs that I don’t need? Maybe you have a workplace software that’s expensive and can be replaced with an equally efficient but more affordable software. Do you need both your home cable and movie streaming service, or could you just pick one?
- Have you been eating out too much? Consider buying meals by the week or two, so you can cut out unnecessary fast food trips since you have enough food to cook for the week or two. You can then take a lunch to work.
- Are you leaving electronics and appliances plugged in that you aren’t using both at work and at home? If so, unplug these items. This will end up being an unnecessary expense to your electrical bill from leaving appliances plugged in.
- Are you turning off lights in rooms that aren’t being used? Most businesses have saved energy and money by getting motion detector lights that turn off when no movement is detected and turn on when someone enters the room or hallway.
- Do you use natural sunlight for light during the day? Where there’s sunlight, use the natural lighting for light and save your lights for later in the day as it gets dark unless you absolutely can’t see without a light on.
- Are you using night lights? Instead of night lights, opt for battery-operated LED lights that you can put on your wall to light up a room at night.
- Can any changes be made to lower your phone service plan? Consider phone providers that don’t require a contract and offer a lower monthly bill.
- Can you update your insurance policy and remove coverage you don’t need? It doesn’t make sense to pay for coverages you don’t need.
We’re sure you can think of other areas where you can cut your expenses.
However, please weigh all the pros and cons of the expenses you’re seeking to cut.
You don’t want to end up with unexpected expenses because you decided to remove an important expense you didn’t think you needed to keep.
For example, it wouldn’t be wise to remove an important expense like health coverage because without health coverage, you won’t have help to pay an unexpected hospital or doctor bill.
Do you ever find yourself buying something immediately, but you find out you could’ve gotten it from another place or company for a lower price?
Always shop around.
It’s important for you to get the best bargain for your buck. We know it’s time consuming to shop around, but you’ll save a lot of money doing this.
Check multiple websites. Visit multiple stores.
Don’t feel bad for looking around before you make a purchase. You’ll be surprised by how much you save for yourself or for your business from checking out all your options.
Be Resourceful and Creative
Before you spend any more money in your home or your business, check around your home and workplace. This is a great time to make use of what you already have and to be resourceful.
Do you have items that you could turn into a do it yourself project that will save you money?
Are there items you need in your workplace that might already be laying around in a storage bin or closet?
Maybe you already have stuff laying around your house that will make a great alternative to what you’re looking to go buy in the store.
There are so many creative things you can make and do with what you already have before you spend more money on what you think you need.
For example, instead of going out to buy more groceries or attempting to get fast food, see what you already have at home that you could easily turn into a family meal. Likewise, before you spend money on more paper for the office, check your storage areas and cabinets to see if you have a pack of paper that you forgot about.
As we continue to push through today’s pandemic, we hope you’ll find these tips helpful for saving money for you, your family, and your business.
If any of these tips ends up working for you, be sure to let us know!Tags: save money, money, finance, saving tips, coronavirus, savings, Allied Insurance Managers