Money-Saving Pandemic Tips
Find ways to cut back
Think about the money you spend weekly on lattes, take-out meals, Amazon buys, etc. Cut some or all of those things back and put that extra cash in your saving’s account during this time. It may not seem like a lot up front, but $30-$50 a week adds up. You’ll be surprised how much your savings can jump up with those small, frequent deposits.
Pay down your outstanding debts
Many people are taking advantage of credit card payment deferrals, which is great your income has been halted or reduced tremendously. But if you are still able to make payments, definitely do so, even if in small amounts. Working on paying down your credit card bills and outstanding debts will free up your expenses, and ultimately put more money in your pocket, which can then be added to your saving’s fund.
Utilize that budget!
Get serious about laying out all your expenses each paycheck with a budget. That way you’ll not only know where your money is going, but you’ll see how much you’re allotting for spending and saving. Budgets help you get a better handle on your money and prevent you from overspending.
Have multiple streams of income
If you’re surviving off of a reduced stream of income or stimulus payments, just think about the additional money you could add to your saving’s fund by creating another stream. Dig deep into those talents and hobbies of yours and see if there are any you could get paid for.
