5 Great Ways to Save Money During Quarantine

Thursday, May 21, 2020, 6:00 AM | Leave Comment

There is no doubt that the ongoing COVID-19 crisis has had a significant effect on the pocketbooks of many.

During this challenging time, it is more important than ever to look to cut costs.

Here are five ways that you can save money during quarantine.

5 Great Ways to Save Money During Quarantine

  1. Scrutinize Expenses

    During times of financial uncertainty, one of the best things that you can do is to sit down and thoroughly examine every aspect of your budget and make any necessary changes. Start your budget overhaul with the expenses that are no longer applicable.

    For example, if your gym is no longer operating because of quarantine regulations, you should check to make sure that you are not being charged for this service. Other things that you can easily cut back on due to the nature of quarantine are your daily latte habit, eating out, cosmetics, and subscription boxes. Cutting back on these expenses will free up more money that you can use for essentials that are more appropriate during this time such as books, puzzles, and movie rentals.

  2. Meal Planning

    With dining out taken out of the equation during quarantine, you are going to need to get used to preparing your meals at home. This necessity makes this an ideal time to learn how to meal plan. You will be shocked at how much money you will save when you take the time to plan out your meals for the week.

    Choosing meals that use similar ingredients will streamline your grocery shopping process while saving you money. You can also shop the sales and use the best bargains as the cornerstone ingredients for your meals for the week. With more free time on your hands, you have no excuse not to meal plan.

  3. Shop Around

    If you are like most consumers, you are likely spending more money than you need to for a variety of essential services and products. In response to a struggling economy, many businesses are lowering their regular rates to keep customers on board. It also never hurts to ask for a lower rate, especially on services that vary widely in costs such as insurance premiums and cable television fees.

    Also, consider repairing items rather than buying brand new ones right away. For example, before you rush out to buy a new cell phone when your screen is cracked consider finding a good cell phone repair store that can fix your phone at a lower cost first.

  4. Supplement Your Income

    Now is the perfect time to go through your house and declutter all of your closets, drawers, and storage areas. With so much extra time on your hands, you will be surprised at how much you can knock out at one time. Once you have sorted through all of your items, you can begin the process of getting rid of the things you no longer need.

    Selling these items can yield a significant amount of money. This extra cash can then be used to supplement any financial difficulties you may be experiencing during this pandemic.

    Building up an emergency fund is imperative during times of uncertainty and this is an easy way to organize your home while stashing away some cash at the same time. In addition to national selling platforms such as eBay, you can also look to local groups offered by many social media sites as well as Craigslist.

  5. Ditch the Expensive Clothes

    Business suits and nice dresses are so last year. With the move to telecommuting for many workers, there is no need to invest large amounts of money into your professional wardrobe. You also do not need to spend money on outfits for that big night out on the town.

    If you insist on picking up some new clothing items, focus your efforts on leisurewear or wardrobe essentials that are more appropriate for wearing around the house. Once it becomes time to launch back into a regular lifestyle, your old clothes will feel like new again. For now, cutting back on your clothing budget is an obvious way to save money during this different time.

The upside of this time in quarantine is that you can find ways to save money that you can still apply to your budget when life begins to normalize again. It never hurts to regularly examine your budget and look for ways to cut costs.

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