In quarantine, you may have discovered a trick or two regarding staying healthy, happy and productive at home. Everyone has had to alter our habits in order to keep as much normality as feasible.
And if you’ve cut down on your spending over the past couple of months, you’re not the only one. According to data from the Bureau of Economic Analysis (BEA) consumer spending of Americans dropped by 13.6 percent (or $1.89 trillion) in April (as as compared to March).
When non-essential companies begin to reopen in all across the U.S. and life tries (successfully or unsuccessfully) to return the way it was before, it’s an ideal time to consider the budget-cutting techniques you learned during the time that states and cities were in lockdown. You’ve likely come up with amazing money-saving strategies but here are some budgeting strategies I learned during the quarantine and have stayed with:
You can batch your shopping trips
Confession I would often head to the closest discount store to get my mind unwinded. I would often visit often throughout the week. You can imagine it was a common cause of buying on impulse, as I gained an inexpensive excitement from searching of “amazing prices.”
Following the mandate to order from home and we were told to restrict our shopping trips. I was accustomed to doing going to the grocery store once twice a week. To reduce my exposure I decided to make this one journey count and attempted to finish every purchase completed before running back home. Making a list of my shopping goals (and an agenda) helped me be more efficient and also helped me cut off my spending on other things.
While restricting my exposure is beneficial and I’m sticking to buying only a few times per week and in a timely manner. In the meantime, I’m working to find less expensive ways to cut back.
Get the Advantages of Online Shopping
Although online shopping may cause consumers to spend more and purchase things that you don’t require however, there are several tools in place which can help you save money. Consider, for instance, purchasing only essential items like food items, household products as well as personal care items. When you shop online you will have a much easier time making a list of the purchase prior to pay.
Furthermore You can also save things in your cart prior to making purchases. For household items, I’ll put items to my shopping cart on a regular basis during the month. Prior to hitting “checkout” I’ll review the entire list and ensure that I’ll still have all the items I’ve selected. This helps avoid impulse buying. I prefer to pick from the stores or take an on-the-go pickup. So I won’t be caught by products that catch my attention and could be a risk while browsing the aisles.
Make use of Cash-Back Rewards
It is also possible to use cash-back rewards when you use your credit cards. This is typically when you pay via PayPal or making a purchase through Amazon. Instead of regularly using my credit card points on gift cards or ride-shares I’ve used cash-back rewards several times during my quarantine. Extensions for your browser like Honey can assist you in finding coupons and then apply them instantly.
To keep everything else in check you can limit the amount of time you shop. You may also restrict your purchases. While I was in quarantine I was wasting hours surfing the internet. In the end, those advertisements for banners or on an influencer account could entice me to purchase something. I made a commitment to limit myself to one purchase online that was not essential in a week.
Take a look at eco-friendly options
Going green can also bring some money into your pockets. Due to the scarcity of essential household items like toilet paper and paper towels in quarantine, I began with eco-friendly options which are also affordable. I took the last roll towels from the kitchen to be a sacred source and I used them only sparingly. Instead, I used cloth towels as often as feasible.
Instead of spending money on pads for Swifter, I purchased a pad made of cloth which I was able wash and use. Also, I used the white vinegar as well as Simple Green, which is available as a concentrate, to clean cookware , surfaces and cookware.
Review your subscriptions and recurring bills Every month
After the pandemic struck the country, I reviewed my monthly expenses to see what bills could be reduced and which ones required adjustments. I changed car insurance companies from a plan where I was paying in six-month chunks, to a pay-per mile policy. The coverage was similar to the previous insurance. Since I now mix my shopping trips and utilize my car for local tasks I’ve saved about $50 per month on my car insurance, which is $600 per year.
I also looked through my existing subscriptions and came across the home internet plan cost the same however, with higher speeds as my previous internet service. Other recurring and monthly charges I looked over comprised streaming media platforms, fees for applications for money, services for my freelance business and regular domains. I made the decision to cut off some of the subscriptions which I was not using.
In an emergency or are not adhering to budgets can save you money when finances are tight. If you require an increase in your budget or assistance in paying back your credit card debts MMI counselors are available 24/7 to review of your circumstances and come up with an individual game plan and assist you in achieving your desired goals.
