Most of the world is trying to grapple with the woes that are accompanying the pandemic of the novel coronavirus, COVID-19. The time has come to start engaging in all the necessary safety practices such as social distancing, using ample amounts of hand sanitizer and disinfecting frequently used surfaces. Please follow anything else the CDC or WHO recommends. However, it’s also vital to keep our finances in check at this whirlwind of a time. Brigit is here to help you out at this time and always.
Here are some tips from the Brigit team on how to properly manage your finances during this time:
Cut all Non-essential Spending:
This means making sure your spending comes to a total halt on items like clothes, eating out, new electronics and canceling any unused subscription services or memberships. It’s may be worthwhile to pause any recurring subscriptions before canceling them outright if you’re unsure of whether you’re using them frequently enough. If you still have cable, consider cutting the cord or switching over to a more affordable service, or you can eliminate certain channel packages. Expensive cell phone bill? Make the switch to the cheaper competition.
Buy Groceries on Sale and Use Coupons:
Many grocery stores have apps with digital coupons that you can clip to your account. You can also simply grab the circular when you walk into the store. If you see something on sale, especially a non-perishable or an item that will stay for a while, take full advantage. Store or generic brands are worth trying as well.
Pick up a Side Gig:
Doordash and Instacart are great options if you would like to deliver food orders or grocery items with a car or bicycle. However, it’s completely understandable if you’d rather stay indoors at a time like this, in which case we recommend sharing your opinions on Survey Junkie. You’ll earn points for each survey you take and you can cash out anytime when you earn 1,000 points. Some of these options are easily available to check out in our app.
Comparison shop on fixed bills:
It’s always a good time to see if you can save on car or home/renter’s insurance to make sure you have a competitive rate. This especially rings true if your current insurance company has not rewarded you for loyalty. Getting a quote online or on the phone is always free and should only take several minutes.
Check your emergency savings fund:
It’s best practice to put savings in an account that is easily accessible. Bonus points if it is one with a high yield interest rate. At least 6 months of expenses or more is ideal. The more money saved the merrier, but any amount can come in handy during an emergency. Just do your best to put aside a little bit each paycheck for any unforeseen circumstances.
Refinance or reduce interest rates:
If you have a student or auto loan that is a struggle to pay each month, see if you can refinance for a lower bill. If you have credit card debt, call up the banks and see if they will lower your interest rate. This is also a great trick if you’re about to make a large purchase or have an increase in spending.
Lastly, just remember the saying, tough times don’t last, tough people do! Any saving and scrimping you can do, no matter how small, helps move you closer to your financial goals. Be safe, spend wisely and stay healthy!