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10 Ways to Save Money During COVID Lockdown and Maximize Stimulus Refunds

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The pandemic has affected people’s health, lifestyle, and how they work. Therefore, Stimulus Refunds virus has affected the general economy and people’s personal finances. You have seen businesses temporarily shut down because of the pandemic, and many have had to close due to incurred losses and accumulated expenses.

Fortunately, Stimulus Refunds are getting stimulus checks from the government to help cater to their essential needs and boost the overall economy. However, no one knows when this pandemic will end or how many stimuli checks the government will provide. Therefore, you must do your best to save as much money as possible for the uncertain future.

Here Are Ten Ways You Can Save Money Amidst the Pandemic

  1. Evaluate the changes – The pandemic has either caused a pay cut or led to unemployment for many. Whichever category you may fall under, it is important to analyze the changes. For example, how much are you spending on essential bills and discretionary expenses? If your financial situation has changed, you must minimize your expenses to have more cash flow.
  • Get your refunds –You may not be using some services now because of the pandemic, such as gym memberships, entertainment, club subscriptions, and others. Don’t be afraid to approach your local gym to ask for a refund because you have the right to do so. If you have some subscriptions which are automatically charged to your account, now is the time to cancel them.
  • Lower your auto insurance premiums -One aspect auto insurance companies consider while calculating your premium is how much you drive your car. Usually, the more you drive, the higher the risk, and therefore, the higher the premium. However, during the pandemic, the risk is reduced because you may rarely go anywhere. Your Stimulus Refunds insurance provider should work with you to adjust your premiums until you resume a normal driving activity pattern.

    Fortunately, many insurance companies are already refunding premiums because of the decline in driving. Remember that once the pandemic is over, you will have to switch back to your initial agreement.  If you have a car insurance company that has excellent customer service and strives to offer affordable premiums from the get-go, like Freeway Insurance, you may already have the best rates available and full coverage. Freeway can be a very wise choice to lower your insurance expenses.
  • Talk to financial institutions about deferring payments – One thing to grateful for during these tough times is that people are more considerate than you might think. Banks, health and life insurance companies, and even multinational corporations, like Apple or cell phone providers, allow people to skip monthly payments to provide financial relief to their customers.

    If you are repaying a monthly loan or mortgage, try talking to your bank to see how they can assist you during this time. Remember, skipping a payment may add interest to your debt. Be financially astute, and work to negotiate a temporary revision to a reduced amount, or a deferral, without penalty, if possible. Finding a compromise will keep you from paying even more money, in fees or interest, in the future.
  • Avoid eating out or ordering meals –It is time to use those pots and pans you keep in your kitchen cabinet. When you do the math, you’ll find that it is cheaper to cook for your family than order out.  Purchasing groceries in bulk saves you money in the long run, rather than buying take-out every day and, as a perk, is often healthier as well.
  • Reduce your utilitiesUtilities are some of the biggest monthly expenses. Reducing your consumption can save you considerably. For example, instead of leaving your air conditioner on all day during the warmer months, try opening your windows and/or utilize low wattage fans to circulate the air. Fans also allow you to cool on a per-room basis, rather than the whole home.

    Also, what are your current internet and television subscriptions?  Do you need them all? You can change your internet package and reduce your TV subscriptions. This action will put more money in your pocket.
  • Reduce your personal spending -Are you an avid online shopper? Do you change your hairstyle or color every week and get a massage twice a month? These are things you will have to forego if you want to stretch your money. Salons and spas might be closed, but it may be important to resist the urge to book an appointment as they re-open. Make the necessary changes and appreciate the savings.
  • Make use of technology -According to financial experts, technology can be a great asset to help you shop around for competitive prices for numerous products. Some apps help you compare product Stimulus Refunds prices before you purchase, and some have a history tool to track the prices. It is possible to get a high-quality product for an affordable price. Numerous websites, and apps, are designed to help you do this quickly and efficiently. 
  • Claim any benefits you are entitled to -The government offers support to various groups such as job seekers, the disabled, new small business entrepreneurs, and the elderly. This is the time to find out if you qualify for any benefits and claim them.
  1. Make a budget -Making a budget and committing to it during this time is one of the best actions you can take to ensure that you stay afloat for the long-term. Many resources can help you create a specific, workable budget that stretches your income, bolsters savings, and ultimately leads to better financial decisions during the pandemic and beyond.

Finally, you must maintain a positive mindset throughout this time. Your mental health is just as important as your physical health. With the above in mind, life will become more manageable for you, and that will be enough to sustain your smile.  

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