Smart Ways to Reduce Your Costs During Quarantine
Tuesday, April 14, 2020, 6:00 PM | Leave Comment
Being stuck at home is hard for many of us. For those who have lost their job or whose work has dried up, it’s worse.
You don’t just have to deal with being stuck at home; you need to deal with the financial fallout.
Applying for financial aid takes time, especially with the large volume of applicants in situations just like yours.
Waiting for your application to be approved can take weeks, and waiting for the money can take a month or more.
You need to address your spending now so that you can make it until this time.
To survive through this quarantine, follow the advice in this guide.
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Reduce Living Costs
In order to stay afloat, the first thing that you are going to want to do is reduce your ongoing living costs. Make food from scratch, use less electricity, or try to use it more during off-peak hours. If you have multiple loans getting a consolidating loan from a private lender can simplify your repayments and even let you spend less overall.
Subscriptions should be canceled, and all other outgoing payments should be monitored. The more you have in savings, the less this will be an essential step, but regardless of your situation, knowing where your money is going during this time is important to help you manage your costs.
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Reduce or Stop Mortgage Rates
You have two options when it comes to dealing with mortgage costs. You can either hope that your provider is willing to freeze your mortgage for the time being or you can reduce your repayments through another method.
In the second option obtaining a second mortgage from Diverse Funding Solutions can allow you to pay off your mortgage and enjoy a much more favorable repayment plan. You aren’t repaying the whole house, after all, just the remaining amount that you owe. You can also benefit from much better interest rates, which all work to reduce your overall costs now and into the future.
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Create a Budget
Seeking out help from your government is an obvious choice, but the time it takes for that request to be processed and then paid out can be months away. In the meantime, you are going to want to have a look at the money in your savings and make a budget. If you don’t have any savings seek out help from friends or family, sell items you don’t need online, and finally look into personal loan options.
With the money you have, you will want to try to spread it out until June, which is when most financial aid is expected to go out. If you ask for a fast-track or for interim support, you likely won’t have to wait this long, but it’s better to be safe than sorry. Taking out bills, spread the rest of the money out in weeks for food. This budget is there as a last resort. Once you start getting money in or have a new job during the crisis, you can ease the budget and start enjoying yourself again.
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